When dissolving your marriage, you may understandably be worried about how the process will impact you financially. This is true whether you have a large number of assets to split or have just a few assets. Here is a look at how the state of Pennsylvania treats assets during the property division process in a divorce proceeding.
Pennsylvania is an equitable division state. This means that courts split marital property in a manner that they consider to be equitable, or fair. When your property is divided equitably, this does not necessarily mean that it will be split equally between you and your future ex. Instead, you may receive 60% of the assets and he or she may receive 40%, depending on a number of factors.
For instance, courts may take into consideration when your property was acquired or purchased. Did you buy a certain asset after you got married or before your wedding day? Also, courts will look at who paid for certain assets, or whether particular assets were gifts or inheritances. In addition, your and your future ex’s incomes will have an impact on how your property is split.
If you and the other party can come to an agreement on how to divide your marital property, you can avoid going to trial to tackle this issue. However, if you cannot find common ground in this area, you must rely on a court to make these decisions for you. Either way, a divorce attorney can help you to pursue your desired outcome, keeping your best interests at the heart of the matter.
