If divorcing couples do not reach an agreement on the division of property and debts, then the court will execute the division in a fair manner. The judge reviews the couple’s property and debts and examines a number of factors to formulate an equitable division of property. A Camp Hill property division lawyer will ensure your portion of the marital property is fair.
What is divided?
Pennsylvania courts include both the couple’s property and debts in the equitable division of property. In Pennsylvania divorces, there are two categories of property: separate property and marital property. Details of each type of property include:
- Separate property is property and debt that is not considered marital property. For example, assets acquired before the marriage, gifts received during the marriage and any property specifically excluded from the marital estate by a prenuptial agreement are considered separate property. Pennsylvania law states that separate property is not included in the equitable distribution calculation. However, if separate property increases in value during the marriage, such as real estate does, the increase in value may be considered a marital asset.
- Marital property includes assets and income acquired during the marriage. Houses, businesses investments and furniture purchased during the marriage are examples of marital property. Debts incurred during the marriage are also divided by the courts.
Factors examined for property division in Pennsylvania
According to statute, the courts divide the marital property and debts based on principles of equity — what the judge thinks is fair. The factors considered include:
- The length of the marriage
- The age, health and income of the spouses
- The quality of life to which the couple was accustomed
- The spouse’s marital history
- The amount of either spouse’s non-marital assets
- The amount of one spouse contributed to other spouse’s earning potential
- The impact of any tax consequences
- The custody arrangement
Despite the emotional turbulence that flows during many divorces, couples usually reach marital settlement agreements and avoid trial. To enhance your chances for success, employ an asset protection attorney practicing in Harrisburg to negotiate a favorable settlement.
Contact a dedicated divorce attorney for men
For more than 20 years, John F. King, Esq. has been assisting men who are going through divorce. To achieve a favorable marital settlement or to succeed during a divorce trial, contact The Guys Attorney by calling 717.412.0244.