All property obtained during your marriage is marital property unless an exception applies. Spouses must determine how to divide their marital property once a spouse has filed for divorce.
In Pennsylvania, monetary assets and property acquired during the marriage must be divided between spouses in a way that is fair and equitable.
If you are unable to agree how to divide your property, the Court will decide what is equitable. Dividing your property does not always mean a financially equal division. If a court needs to decide what is equitable, they will consider several important factors. Some of the factors the Courts will consider in property division include as follows:
The income and liabilities of each spouse; the length of the marriage; the expected retirement or pension for each spouse; the health and age of both spouses; the contributions to the marriage by each person; each person’s ability to provide for themselves and any other relevant factors to the Court.
The process goes much more smoothly if you and your spouse are able to come to an agreement before the divorce proceedings begin or shortly after the divorce is filed.
An attorney can recommend how to draw up an appropriate settlement agreement that works for both spouses rather than arguing over different items of marital property in Court. In order to divide your property without issue, speak with GUMMO LAW OFFICE today to get advice and help you begin determining your rights regarding the division of property with your divorce.