What Is Marital Property?
Pennsylvania requires divorcing couples to divide up their marital property. But what is marital property? The Law Offices of Dawn K. Gull is pleased to provide a brief overview of this important legal question.
Broadly speaking, “marital property” refers to anything — assets or debts — you or your spouse acquired during your marriage. Note that this is the case even in situations where only one spouse earned an income and the other spouse focused on homemaking and raising the children. This is one way family law recognizes and values the efforts of homemakers. Pennsylvania law requires that marital property be divided “equitably,” which means fairly and does not necessarily require a 50/50 split.
Nonmarital property, also known as separate property, means anything that you or your spouse owned before the marriage. Each spouse usually keeps 100 percent of his or her nonmarital property. It can be difficult to distinguish between marital and nonmarital property, because nonmarital assets can become commingled with your spouse’s property or marital property and turned into marital property. This is common with bank accounts.
How Your Lawyer Will Protect Your Financial Independence
One of the most important services we offer is a careful evaluation of your debts and assets. We will determine the full value of the marital property and work to reach the best possible settlement. If a fair settlement is not possible, Dawn K. Gull is a seasoned litigator who regularly goes to court for her clients.