A key component to any divorce is division of marital property. Marital property is generally defined as any property acquired during the marriage. There are, however, special considerations to proper property division that may go unnoticed without the keen eye of an experienced family law attorney.
Our lawyers are committed to providing you with the sound legal advocacy you need when dealing with the distribution of marital property. We understand this area of divorce can be very confusing. We are here to answer your questions promptly and provide you with options that best suit your legal goals. Contact us today to see how our Bucks County division of marital property attorneys can put our knowledge and compassion to work for you.
HANDLING THE MANY ASPECTS OF MARITAL PROPERTY DIVISION
Marital property comes in all shapes and sizes. For most people, the obvious marital property includes a family home purchased during the marriage and the furniture and personal items within the home. However, these property types barely scratch the surface of what may be involved in your property division agreement.
Marital property may also take the form of:
- Other real estate such as a vacation home
- Retirement benefits such as pensions, 401(k)s and retirement accounts
- Closely held or family businesses
- Investments
HELPING YOU UNDERSTAND THE DIVISION OF MARITAL PROPERTY
Our attorneys are here to help you through every step of the distribution process. We will help you identify all potential marital property and then assign them values. We will also consider any debts or marital liabilities that are incurred during the marriage, including:
- Mortgages
- Home equity loans
- Car loans
- Credit card debt
These liabilities will be balanced against the marital assets to determine what is called the net marital estate.
The next step in the division of marital property is to determine the percentage of the net marital estate to be given to each spouse. There is no set percentage split in Pennsylvania. Cases are looked at individually. Many different factors are considered in trying to achieve as fair a distribution as possible. Careful presentation of the case at this phase of the process is critical to achieving a fair, yet favorable, result.
The final phase of the process is to determine how the assets and liabilities will be distributed. This is the part of the case where “who gets what” is decided. Many cases of property distribution will be settled before they ever get to court or will settle at settlement conferences. Here, negotiation skill, knowledge of the law, and creativity in finding financial solutions that work for the client are the keys to success in protecting and securing your financial future. You want a lawyer who has these qualities. We do.
We can meet you in either our Doylestown office or our Langhorne office or speak with you by phone about the general process.
