Equitable Distribution Lawyer in Lebanon, PA
Experienced Equitable Distribution Lawyers in Lebanon, Pennsylvania
Equitable distribution is the legal term for how a couple’s assets and debts are split when they are getting a divorce. These assets and debts must have been acquired during the couple’s marital relationship and are not necessarily divided equally like the word “equity” suggests.
Equal division of marital properties and liabilities is termed “community property,” but the State of Pennsylvania doesn’t operate under such a law. Pennsylvania is an equitable distribution state.
- Tax implications
- Duration of the marriage
- Prenuptial agreements
- Previous marriages of the couple
- Health and age of the couple
- Child custody and child support
- Value of non-marital assets by each party
- Income or financial stability of each party
- The living standard of the couple
Why Equitable Distribution?
Before going to court, a couple on the verge of a mutual consent divorce should agree on their share of the marital estate. Equitable distribution is the last resort in a divorce process when the couple can’t find common ground with their property settlements.
Marital properties in Pennsylvania refer to all properties acquired by the couple within the marriage’s lifespan, ranging from cars and houses to businesses and precious metals. It will also be considered a marital asset regardless of whether the property was purchased and registered in each party’s name.
What Is Excluded from Equitable Distribution?
Pennsylvania’s equitable distribution laws exclude non-marital assets from the property division process. Any personal property owned by each party in the divorce proceeding is termed “non-marital property” and won’t be included when dividing marital assets.
If the couple engaged in a pre-nuptial agreement and failed to list certain properties, these hidden assets or properties won’t be part of the property division. Any property acquired and introduced into the marriage by a single spouse and kept as separate property is also termed “non-marital property.”
This includes gifts received by each couple or private inheritances received before or during the marriage. Nonetheless, an increase in the worth of a non-marital asset within the marriage counts as part of the couple’s marital assets while excluding the property’s initial value.
Marital debts are financial liabilities incurred by both parties during the duration of their marriage. However, any debt incurred by either of the parties after their separation date is not considered marital debt. Marital debts are subject to equitable distribution under Pennsylvania law, and both parties will bear the financial weight.
Mortgages, credit card bills, tax payments, and many other things that happened during the marriage can be counted as marital debts. It doesn’t matter whether the credit card or any other means of incurring the debt has the name of one party alone; both parties will bear the brunt of the financial load.
Why Choose Bentley, Kopecki, Smith, P.C.?
Contact Bentley, Kopecki, Smith, P.C. Today for Your Equitable Distribution Issues!
Child custody isn’t the only complex part of divorce proceedings. Dividing marital assets is another problematic aspect of divorce and can render each spouse miserable if not well handled.
At Bentley, Kopecki, Smith, P.C. we can give you all the support, advice, and legal help you need to make sure that your marital assets are divided fairly in a legal separation. Visit us online or give us a call at (610) 685-8000, and we’ll be happy to help.