If you’re facing a divorce, the matter of dividing your marital property is a primary concern that can generate considerable anxiety. Pennsylvania implements what’s known as equitable distribution, which means that the assets of divorcing couples must be divided fairly – but not necessarily equally. Within these confines, there is considerable room for variance, which makes it in your best interest to have legal guidance on your side from the start. Our Butler County divorce attorney at The Law Offices of Dawn K. Gull is standing by to help.
Marital Property Defined
Marital property refers to those assets that belong to both you and your spouse, and the definition is expansive. With very few exceptions, everything that you, your spouse, or the two of you together acquired during your marriage, along with any debts amassed, is considered marital.
The limited exceptions include the following:
- Inheritances or gifts that either spouse received in their name only
- Purchases made with separate funds
- Damages that address pain and suffering in a personal injury claim
The assets that either spouse brought into the marriage generally remain theirs alone. However, any commingling of this separate property with marital property can fracture the dividing line between them. It should also be noted that, when a separate asset grows in value during a marriage, the increase can be classified as marital.
Factors that Guide Equitable Distribution in Pennsylvania
Equitable distribution is designed to fairly distribute the assets that the couple came to own while married. An equitable division can be an equal split, but it won’t necessarily be equal. The State of Pennsylvania considers the larger picture when addressing property division terms, and in the process, the court takes factors like the following into account:
- The length of the marriage
- The standard of living achieved during the marriage
- Each spouse’s age and overall mental and physical health
- The terms included in a legally binding prenuptial agreement between the spouses
- The separate estate of each spouse and the size of the marital estate
- The child custody arrangements
- The degree to which either spouse supported the other’s career and their overall earning capacity
- Each spouse’s level of education, job skills, and overall employability in relation to the current job market
- Each spouse’s income
- The tax consequences of the proposed property division
- The implications of any prior marriages in relation to separate property or ongoing financial obligations
Your Unique Case
If you and your divorcing spouse can hammer out a mutually acceptable division of marital property, you won’t require the court’s intervention. While keeping your case out of court can be highly motivating, protecting your financial rights is key. Working closely with a trusted divorce lawyer from the outset is always advised.
Reach Out to Our Experienced Butler County Divorce Lawyer Today
Dawn Gull at The Law Offices of Dawn K. Gull is our knowledgeable Butler County divorce attorney, and she is committed to skillfully advocating for a division of marital assets that reflects your rights and bolsters your financial future. Learn more about everything we can do to help by contacting us online or calling our firm at 412-440-5718 today.