What is the Process for Dividing Property During a Divorce in Harrisburg?
As a married couple, you strive to support one another in business endeavors and personal ambitions. This support system typically ends upon the dissolution of your marital union. Knowing the laws of your state is crucial in determining how property will be distributed since each state has different laws regarding property division.
The Commonwealth of Pennsylvania follows the equitable distribution process when dividing marital property. This aims to divide property in the fairest way possible between couples.
Our divorce lawyers understand Pennsylvania’s equitable distribution laws and how to advise you best.
Marital versus Non-Marital Property
Any property that was acquired during the marriage is considered marital property. This may include real estate, jewelry, furniture, bank accounts, retirement accounts, and income. An inheritance or gift designated to one spouse and property acquired before or after the marriage are non-marital.
However, non-marital property deposited in a joint account may lose its separate status, so keeping any gift or inheritance you receive in a separate account is essential. Additionally, if the value of an inheritance or gift increases during the marriage, then the amount it increases may be considered part of the marital estate. If either spouse chooses to use non-marital property in a joint endeavor, such as purchasing a house, then the funds automatically become marital property.
Division of Debt
Just like marital property, debts that were acquired during the time of the marriage will be divided equitably as well. This may include credit card debt, tax debt, car loans, and mortgages. Each party is responsible for disclosing their financial information so that the debt distribution can be decided accurately. Of course, a problem arises when the sum of marital assets is not enough to cover the total matrimonial debts.
Equitable Distribution in PA
According to Pennsylvania law, the following is considered in determining the equitable distribution of property during divorce:
- How long the couple was married
- If either party was married before
- The sources of income for each party
- If either spouse contributed to the income or training of the other spouse
- The standard of living expected by each party
- Whether each party contributed to the increase or decrease in the value of the property and if the party contributed to the household as a homemaker
- The value of property each party will receive
- The financial circumstances of each party
- The tax implications of each asset to be distributed
- Whether either party will be custodian of any minor children
Advantages of Hiring a Divorce Attorney in Harrisburg
Contrary to popular belief, equitable distribution does not necessarily mean that a couple’s estate is divided equally but in the fairest way possible. Your spouse will retain representation to defend their interests, and so should you.
At Purdy Law Office, our Harrisburg divorce attorneys are dedicated to protecting your future. Whether you were a stay-at-home parent, worked part-time, or had full-time employment, we are committed to helping ease the transition as you enter this new stage in life.
Getting Divorced? Contact Our Harrisburg Divorce Lawyers Today
If you and your spouse are contemplating divorce or have already filed papers, you need competent counsel, which you will find at Purdy Law Office. With experience serving the central Pennsylvania community for nearly two decades, our Harrisburg divorce attorneys are committed to helping our clients find realistic solutions to their problems. To learn more or arrange your consultation, contact us online or today.
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