Every state has its laws about how marital property gets divided when a couple decides to divorce. If you live in Pennsylvania and you’re planning to end your marriage, you will want to know the basics of marital property division laws before you head to court.
How Pennsylvania Courts Divide Marital Property
In Pennsylvania, marital property is divided by equitable distribution. If you’re not familiar with property division laws, you might think that “equitable” means equal. However, that’s not the case. “Equitable division” doesn’t mean equal; it means reasonable. And spouses frequently disagree over what a reasonable division of assets looks like.
For example, you can walk away from a Pennsylvania divorce with only 40% of your marital assets, while your spouse gets 60%. Depending on a variety of factors, a division of property that looks like this might be considered equitable by a Pennsylvania court.
Factors Affecting Property Division in Pennsylvania Divorces
Some states divide marital property equally among divorcing spouses. However, Pennsylvania law attempts to divide assets reasonably by considering many factors, including:
- The length of the marriage
- The existence of any previous marriages
- The income of each spouse, including retirement, insurance, and other benefits
- The standard of living established during the marriage
- The earning ability of each spouse
- The education or vocational training each spouse possesses
- Which party will be serving as the custodian of any dependent minor children
- Any health conditions or illnesses
You may worry that equitable division means you’ll be left with nothing after a Pennsylvania divorce. But it’s important to understand that financial contributions aren’t the only types of contributions taken into consideration.
For instance, if one spouse puts their career on hold to raise children and run the household, courts consider this a form of contribution that can impact how marital property is divided.
Protecting Your Finances During Divorce in Pennsylvania
How your marital assets are divided can have a lifelong impact on your finances. As a result, it’s a mistake to go into a Pennsylvania divorce without preparation. Spouses frequently assume they’ll be able to come to an agreement and will fail to consult a divorce attorney. However, this is often a costly mistake.
The best way to protect your long-term finances in a divorce is to take the time to consult a divorce lawyer before you file. These professionals can give you advice and point out considerations you might have missed. They have the legal acumen to guide you through the process and protect your rights and interests.
A Pennsylvania Divorce Attorney Can Guide Your Steps
Divorce marks the beginning of a new chapter of life. Before you make legally binding decisions that impact your quality of life for years to come, it’s a good idea to see what a seasoned family law attorney has to say.
You might be surprised at how significant of a difference the guidance of a Pennsylvania divorce lawyer can make on the outcome of your marital divorce settlement.