Asset Division in Pennsylvania
Many people assume that they will split all assets and debt equally in divorce. Others may assume that they will keep all the assets they have earned, but many circumstances factor into how assets will be divided in divorce. The court will rule on the division of marital property and non-marital property. It must take statutory factors into account to determine equitable distribution of all assets gained and debt taken on during the marriage (marital property), including:
- Gains on the value of assets regardless of acquisition
- Pension plans
- 403(b) and 401(k) plans
- Trusts
- Securities and stock options
- Real estate property
- Business assets
- Income
- Other assets placed in joint ownership during the marriage
It is important to involve an experienced attorney from the beginning to ensure you obtain the most favorable outcome possible in your case. David F. Wedge, Attorney at Law, has been representing and counseling clients in Lancaster County and the surrounding areas since 1981. Our law firm can provide you with the support and due diligence necessary to advocate for your best interests and ensure the equitable distribution of assets.
Contact us today to schedule a free initial consultation with Mr. Wedge. As a dedicated Lancaster division of assets attorney, he is knowledgeable and detail-oriented in evaluating assets and protecting your financial future.
Exempt Property and Equitable Distribution
Any assets, property and debt acquired from the date of marriage to the date of separation will be evaluated and divided according to several statutory factors — unless it is assessed as exempt property such as:
- Premarital equity or property
- Property excluded by prenuptial or postnuptial agreement
- Gifts or inheritance not jointly held
- Property acquired after separation
Factors and Circumstances Determining the Division of Marital Property:
- Length of the marriage
- Previous marriage(s) of either party
- Age, health, station, income, vocational skills, employability, estate, liabilities and needs of the parties
- Contributions by either party to the increased earning potential or education of the other
- Opportunity for future acquisitions of capital assets and income of each party
- Sources of income of each party
- Contributions or dissipation of each party in the acquisition, preservation, depreciation or appreciation of marital property, including that of a homemaker
- Value of non-marital property, including exempt property of each party
- Standard of living of the parties during the marriage
- Tax consequences of any award and the economic circumstances of each party
- Whether either party will be serving as the custodian of any dependent minor children
The involvement of an experienced lawyer early on makes the entire process smoother. Mr. Wedge can negotiate or litigate for the most favorable terms available in your case and guide you through the process with confidence.
Contact Our Lancaster County Property Division Attorney
Call us today at 717-207-8362 or toll free at 866-935-9912, or contact us online to schedule an initial consultation and discuss flexible payment options.
