The division of marital property is one of the most important factors in any Pennsylvania divorce. Understanding how your home, bank accounts, vehicles, household property, and other assets may be divided in divorce proceedings under Pennsylvania law can help you, your spouse, and your attorneys avoid a challenging legal process by negotiating that division on your own.
Equitable Distribution vs. Community Property in Pennsylvania
States follow one of two main systems to determine how a couple will split their assets in a divorce: equitable distribution or community property. In community property states, all assets acquired during the marriage are considered joint property. Couples in community property states split all their assets equally, regardless of the circumstances of the divorce and each spouse’s situation.
However, Pennsylvania uses an equitable distribution system, which does not guarantee an equal split. Instead, it aims to divide marital assets fairly but not necessarily 50/50. If spouses don’t’ agree to property division on their own, the court will consider various factors to determine what assets each spouse gets. This approach allows for more tailored decisions that reflect the unique circumstances of each marriage, making it possible to address differences that a strict 50/50 split might ignore.
Factors That Affect Asset Division in Pennsylvania Divorces
Pennsylvania law lists some factors judges must consider when deciding how a couple will divide their marital assets. Those factors include:
The Length of the Marriage
Generally, longer marriages may lead to a more equal split of assets.
Any Prior Marriage of Either Party
Assets or obligations from prior marriages can affect how current assets are evaluated and divided.
The Age, Health, Station, and Other Economic Factors of the Parties
Older or less healthy individuals may receive more assets to support their needs.
The Contribution to Education or Earning Power
If one spouse supported the other through educational or career advancements, the contributing spouse might receive more assets to compensate them for that investment.
The Opportunity for Future Acquisitions
If one party has a significantly higher potential for future earning or acquiring assets, the other party might receive more of the existing assets.
The Sources of Income of Both Parties
The courts consider all income sources for both spouses to help determine each party’s financial stability post-divorce.
The Contribution of Dissipation of Assets
Courts examine whether one spouse contributed to or depleted marital assets through misuse or mismanagement, which can affect their share.
The Value of the Property Set Apart for Each Party
Judges consider each party’s economic needs and the value of the property they retain when deciding how to split marital assets.
The Standard of Living Established During the Marriage
The aim is often to allow both parties to maintain a lifestyle similar to what they enjoyed during the marriage.
The Economic Circumstances at the Time of Division
The current financial status of each spouse at the time assets are divided can influence who receives what.
Custodial Responsibilities for Minor Children
The spouse who takes primary responsibility for children may receive more assets or the family home.
A Pennsylvania Divorce Lawyer Can Help You Receive Your Fair Share of Marital Assets
At The Law Offices of Dawn K. Gull, we understand that each family is unique, and so are the solutions required to resolve disputes. Pennsylvania’s laws on the division of marital property aim to distribute assets fairly, but knowing your rights and options is crucial. A Pennsylvania family law attorney will work closely with you to make sure you receive your fair share of marital property.
Contact the Law Offices of Dawn K. Gull today for a consultation.