Pennsylvania Divorce: How Property is Divided Between two Separating Spouses in Kennett, Pennsylvania
When two people choose to file for a divorce in Pennsylvania, it is best to find the services of a qualified family attorney Kennett, Pennsylvania to help make the process go more smoothly. Pennsylvania is an equitable distribution state, which means all marital property is divided fairly. While in many cases this will mean splitting the marital assets in half, the court will consider a number of factors when determining what each spouse is entitled to in a divorce.
A Property Settlement Agreement Can Be Filed
If both parties are in agreement as to how to divide the assets and debts of their marriage, then a property settlement agreement is filed with the court and it becomes part of their final divorce decree. If both parties can't agree on a settlement, it will be left up to the courts to divide assets and debts in a fair and equitable way. Leaving it up to the courts is the only choice some parties have when they can't mediate with the other side.
Factors taken into consideration when dividing up assets and debts include:
- the length of the marriage.
- the ability of both parties to earn a living.
- the assets each spouse may have separately.
- the education and amount of income earned by each party.
- each spouse's contribution to marital assets.
- if either parent will be the sole caretaker of any minor children.
While the list is not exhaustive, both parties should expect to have a similar quality of life at the time of their divorce. This means that one person isn't going to be allowed enough assets to live in an upscale condo, while the other can barely scrape together rent for a minimal apartment. Dividing divorce assets means the division will be equitable, and both partners of the marriage are entitled to live as well as the other does.
Property acquired before a marriage is retained by the person who brought it to the marriage. For example, one party gets $100,000 in an inheritance the month before the wedding. The couple is married for five years, and the $100,000 sits in a bank account with only the beneficiary named on the account.
The marriage ends, and it is clear the $100,000 was never shared. While this money will be taken into consideration when dividing assets fairly, this money does not have to be divided.