One of the biggest aspects of the divorce process is dividing up the property you’ve accumulated while married. Often, many couples begin to wonder whether or not their property will be split equally among their spouse, especially if one party feels they are owed more because of their own contributions. In some states, marital assets are split 50/50, regardless of any outside factors, but does Pennsylvania also abide by this rule? Read on to find out.
Does Pennsylvania Split Marital Assets Equally?
The short answer is, no. Pennsylvania does not automatically split marital assets down the middle. Pennsylvania follows the principle of equitable distribution, which means marital property is divided between the two parties according to what is deemed fair, or equitable, in the divorce.
There are many factors taken into consideration when dividing marital assets. In the asset division phase of divorce, the Court will look at these factors to determine how marital assets will be divided.
What Factors are Considered When Dividing Marital Assets?
The Court considers several factors when deciding which percentages to use during the division of marital assets. According to Pennsylvania law, these factors include:
How long the parties were married.
Whether a party was married previously.
The age and health of both parties.
The earning capabilities of both parties, and the liabilities each party has.
The financial contributions each party made towards the marital assets.
The ability of each party to maintain the standard of living set forth during the marriage.
Whether there are any children from the marriage, and who those children reside with.
Can Assets be Partially Distributed During Divorce Proceedings?
Sometimes, the need arises for a portion of the marital assets to be distributed prior to the finalization of the divorce. This may occur when one or both of the parties has a dire financial need, such as a loss of employment or a deadline to secure new housing. The Court will determine whether or not any marital assets will be distributed, and which percentage will go to each party.
Individualized Approach Tailored to Meet Your Asset Division Needs
Dividing up your marital home is no easy task. At Testa & Pagnanelli, LLC, we are highly experienced in the distribution of marital assets and are here to guide you through this difficult time. Our Montgomery County divorce lawyers will work closely with you to discover the worth of your marital property, and discuss your goals to determine the best possible solution for your family.
Please don’t hesitate to call our Montgomery County family law attorneys today at (610) 365-4733 for a complimentary initial consultation.