Division of Assets in Pennsylvania

LAWS REGARDING EQUITABLE ASSET DISTRIBUTION IN A DIVORCE

As family law and divorce lawyers in Pittsburgh, we recognize the division of assets during a divorce is not only stressful but, very important to our clients. Even though we try our best to negotiate a fair settlement on our client’s behalf, dividing assets often leads to litigation. Unlike many other states, Pennsylvania recognizes that some assets can be owned by either the husband or wife and are not necessarily considered jointly owned property that must be valued, tallied, and then divided in a divorce settlement. Oftentimes, it requires the services of an experienced divorce lawyer to successfully argue that separate property be excluded from the equitable distribution of assets.

Often times there are substantial assets at risk including real estate, a business, even collectables. It is important to get out ahead of potential problems when there are assets that may have substantial value. It is important to not only value these assets but they must be protected. We have the experience and knowledge to be effective and proactive in the valuation and protection of these assets.

What Does PA Recognize to be Separate Property?

In most cases, assets accumulated during the marriage are jointly owned. Whether a piece of property is jointly owned/titled or in one spouse’s name is immaterial. An asset is considered to be separate property if:

• It was acquired by one of the parties prior to the marriage
• One of the parties received it as a gift from a person outside the marriage
• The item in question was defined as being separate property in a written document, such as a prenuptial or postnuptial agreement
• It is income from an investment that is considered separate property, unless that income was subsequently commingled with marital assets
• The item was purchased or exchanged with separate property

If you are seeking a divorce in the state of Pennsylvania and you have questions regarding the division of property, contact an experienced, professional divorce lawyer—like the ones you will find at DeRiso Law Group.

How is Marital Property Divided in the State of Pennsylvania?

Anything that is not determined to be separate property is considered marital property and is subject to equitable distribution. It is not necessary for all of the property to be sold for cash to distribute the assets equitably. In fact, the parties can agree to divide the property anyway that they see fit. For instance, consider a husband who owns a house, the wife would be entitled to 50% of the equity in the home. The wife might waive her claim to any other asset or pension in exchange for the equity in the house. It is not necessary for the value of the two items in question to be equal. Most equity bargaining of this nature are negotiated through their respective divorce lawyers.

• The courts in Pennsylvania are also allowed to consider other factors, such as:
• The length of time that the couple was married
• Whether it is in the best interests of minor children to continue living in a home
• Both spouses’ financial positions
• Sacrifices in career or education that either spouse made to advance the other’s career or education
• Whether either spouse dissipated marital assets after the divorce was announced or within two years before the petition was filed

Family Law Attorney of Western Pennsylvania

Equitable distribution of property has been known to create difficulties during even the most amicable of divorces. If you are seeking a divorce in Allegheny, Butler, Beaver, Washington, or Westmoreland counties, anywhere else in western Pennsylvania, contact one of the areas top-tier family law firms. To schedule an appointment with a DeRiso Law Group divorce lawyer, call (412) 452-9712.