Montgomery County Property Division Lawyer
No matter how long you’ve been married, you and your spouse could have amassed some assets together. These assets could include a home, one or more cars, home furnishings, investment property, a joint bank account, investments, and more. You might have acquired a significant amount of debt as well, such as a mortgage, joint credit cards, car loans, etc. If you and your spouse decide to divorce, what happens to all the assets and debts you amassed during the marriage? How will everything be divided?
Like other states, Pennsylvania has laws that determine how to distribute marital property during a divorce. The family court judge has a lot of discretion on how to divide both assets and liabilities. It’s imperative to have an experienced and skilled legal advocate on your side to ensure your rights are protected during the distribution process. To learn more about how assets and liabilities are distributed during a Pennsylvania divorce, contact a Montgomery County property division lawyer, such as attorney Lauren H. Kane.
How Property Is Divided in a Pennsylvania Divorce
Pennsylvania is an equitable distribution property state, which means dividing all assets and liabilities fairly. This doesn’t mean split 50/50 down the middle; it means both spouses should walk away with their fair share. The distribution is made without considering who might’ve been “at fault” for the marriage ending. The court will consider all relevant factors and will fairly distribute the assets.
When looking at how to divide assets, the court looks at several different factors, including:
- How long you were married
- Whether either spouse was married before
- The health and age of both spouses
- What the standard of living was during the course of the marriage
- Income, job skills, and employability of each spouse
- Tax implications of property division
- Each party’s stage in life and their economic circumstances at the time property is being divided
- Whether one spouse contributed to the training, education, or increased earning capacity of the other
- How much each spouse contributed to appreciating or depreciating marital property, and that includes contributions as a homemaker
- Value of the separate property
- Which party will be the custodian of any minor children
Some factors are easy to establish objectively, while others are more subjective in nature. The Law Offices of Lauren H. Kane can assist you during the property division phase by helping build a strong case to support your desired outcome in the divorce.
What Is Defined as Marital Property?
Defining marital property is not always easy, which is one reason why it’s crucial to have a skilled Bala Cynwyd property division lawyer on your side. Examples of non-marital property include:
- Property acquired before your marriage, a gift, or an inheritance
- Certain types of veterans’ benefits
- Certain property that is under mortgage
- Any property that is excluded by a marital agreement
- Any legal settlement or award that is for a claim that accrued prior to the marriage or after you are separated
- Any property that you acquired after the final separation, except for any property that was acquired in exchange for any marital assets
Contact a Montgomery County Property Division Lawyer
Determining what qualifies as marital assets can be challenging. Don’t attempt to figure things out on your own; let a skilled lawyer help. Contact the Law Offices of Lauren H. Kane today to schedule an initial consultation. Let us protect your rights and ensure you receive a fair and equitable share of your marital assets.