How Are Marital Assets Distributed in a Montgomery County Divorce?
Distribution of Marital Assets
Whether you are going through a contentious or amicable divorce, it is important to retain the services of an experienced divorce attorney to ensure that you receive your fair share of the assets you and your spouse have accumulated over the duration of your marriage. Otherwise, you may lose out on valuable assets and face financial instability down the line.
Attorney Sheryl R. Rentz is a top Pennsylvania divorce attorney who has the knowledge and resources to help you:
- Discover and identify all marital assets
- Appraise property
- Valuate businesses
- Draw up a fair settlement agreement
If you have questions regarding any legal matter of divorce, please don't hesitate to call the Law Offices of Sheryl R. Rentz, P.C. at (610) 645-0100 or (866) 290-9292. We provide free, comprehensive consultations.
What Are Marital Assets?
Generally, marital assets include everything that either you or your spouse earned or acquired during your marriage unless you agreed otherwise. They can encompass a wide variety of items, including: homes, bank accounts, and other material goods like clothing, furniture, vehicles, and jewelry, as well as any other real estate.
During the Pennsylvania divorce process, dividing up a couple's marital assets can be complicated, regardless of whether the separation was cordial or not. Each state in the United States has their own specific laws about how marital assets should be divided. Pennsylvania is an "equitable distribution" state. This means if the parties are unable to reach a settlement, the court will decide what a fair division of the marital assets is. In the U.S., 41 states are equitable distribution states.
What Factors Determine the Distribution of Marital Assets in Pennsylvania?
To decide how the marital assets should be divided, the court will classify which debts, assets, and properties are marital. The court assigns them a monetary value and will then distribute the marital assets equitably between both parties. This does not mean the assets are divided equally, but rather what is decided by the court to be fair. Several factors can affect how the court distributes the marital assets between spouses during a divorce. A few of the factors for determining the division of property in Pennsylvania include:
- How long the marriage lasted;
- Whether there were any prior marriages;
- The income of both parties;
- The health and age of both parties;
- If children are involved, which spouse is responsible to provide for them;
- Whether one party has separate property or assets that are of great value; and
- Whether one spouse committed infidelity or abuse (the courts penalize these offenses).
Unfortunately, sometimes one party may try to hide income or assets, or even allege the other spouse abused or mistreated them in order to receive a better result from a Pennsylvania divorce filing. A family law attorney who has experience with the distribution of assets can help defend your rights to your assets during the divorce process. They can help you receive the maximum amount of assets while following good practices and adhering to ethical standards.
Contact Our Office Today
The Pennsylvania divorce lawyers at the Law Offices of Sheryl R. Rentz, P.C. can help you through this difficult time in your life. Call our office today at (610) 645-0100 for a free consultation and to find out more about how we can help protect your assets during a Pennsylvania divorce.
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- What Happens to Marital Property in a Pennsylvania Divorce?
- Pennsylvania Divorce - Equitable Division