Going through the dissolution of a marriage can no doubt be frustrating emotionally. However, it can also be overwhelming from a financial standpoint, especially when it comes to property division. Here are some tips for dealing with the splitting of marital property during a marital break-up in PA.
Laws concerning the splitting of marital assets vary from one state to the next. For instance, some states are known as community property states, meaning that the courts in these states split a couple’s shared assets 50/50. Meanwhile, other states — including Pennsylvania — are known as equitable distribution states. In these states, a divorcing couple’s jointly owned property does not need to be divided 50/50.
Those who would like to protect their assets in the event of a divorce would be wise to draft prenuptial or postnuptial agreements before they get married or early on in their marriages, respectively. In these types of agreements, they can spell out what they would like to happen to certain assets if they were to get divorced down the road. Another wise way to make sure that an inheritance or another valuable asset is not subject to property division is to keep it out of a joint account.
If two spouses have taken the above steps, they can prevent a great deal of conflict in the event they decide to break up. However, even if they have not taken these steps, they can still try to sort out property division and other divorce matters via informal negotiations or mediation, thus avoiding further court intrusion. An attorney in PA can provide a divorcing spouse with the guidance he or she needs to pursue the most personally favorable divorce outcome, considering the circumstances surrounding his or her marital breakup.