Home Delaware County Financial Issues in a Divorce

Attorney Discusses Financial Issues in a Delaware County Divorce

Divorce in Delaware County

Delaware County operates under Pennsylvania law. This is particularly important when it comes to divorce as Pennsylvania is not a 50/50 common law state. Rather, the courts require “equitable distribution” of marital property. This means divorcing couples are to distribute their property based on fairness and other factors listed in the divorce code.

This process is typically done with the assistance of each party’s attorney during negotiation and a settlement is ultimately reached. As numerous factors are involved in the consideration of “fairness,” an experienced Delaware County divorce attorney can counsel their client on how a judge would likely divide the property in what would be considered a fair division and/or what the court will likely order if the parties fail to reach an agreement on their own.

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Different Financial Issues That May Arise During Divorce Proceedings

Every divorce is unique, however common financial issues that may arise during proceedings include:

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How Is Property Divided During a Divorce?

Martial property consists of all the assets and debts that either spouse acquires during the length of the marriage. This can range from cash, vehicles, properties, retirement accounts, credit card debt, and loans.

All this property will need to be disclosed during the discovery phase of divorce proceedings so each party is aware of what the marital property consists of. From here, an attorney will guide each party through the equitable division process with the goal of negotiating an amicable resolution between the parties.

If the parties fail to reach an agreement on the division of property, then formal steps are required to resolve the matter. This consists of taking the matter to court where a court appointed master will issue informal and, if necessary, formal recommendations. If the parties are unable to agree even after the master’s recommendations, the matter will proceed to a judge who will hold a formal hearing with evidence and witness testimony.

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How Is Alimony Determined?

Another consideration is whether alimony is applicable to your situation. The court will award alimony, in a reasonable amount and duration, to either party if alimony is necessary. The court will use a set of factors for considering the appropriateness of alimony.

Generally, the purpose of alimony is to ensure a spouse’s reasonable needs are met. Alimony is often viewed as a secondary remedy. Courts will first determine whether economic fairness can be achieved through an equitable distribution award.

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How We Can Help

The Law Offices of Sheryl R. Rentz, P.C. offer free consultations on any first-time divorce matter. We are upfront about our services and can handle any one aspect of your divorce concern or be with you through the entire proceeding and beyond. Our legal team has years of experience handling the particulars of divorce law. Contact us at (610) 645-0100 for a free evaluation.

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