Property division is a major issue in any divorce. You might be wondering how property is divided in a divorce. Does the court system divide it evenly between divorcing couples? What determinants does the court system use to arrive at a fair division?
In Pennsylvania, the court system does not split marital assets and properties evenly down the middle. It abides by the principle of equitable distribution. Equitable distribution is a fair division of assets and properties acquired during the marriage. To arrive at an equitable distribution of marital assets and properties, the Pennsylvania court system uses the following indicators:
- The duration of the marriage
- If there was a previous marriage for either party
- Age and health condition of the divorcing couple
- The capacity to earn by both parties and their respective liabilities
- Each party’s contributions to acquire each marital asset and property
- Each party’s capacity to sustain the standard of living established during the marriage
- If there are children during the marriage and with whom they live or reside with
Sometimes, because one of the spouses is in immediate financial need, part of the marital asset has to be divided before the divorce becomes final, such as when there is a job or employment loss or when there is an immediate requirement to secure a new place to live for either party. The court system in Pennsylvania will decide on how much of the marital assets and property will be given to each party using the principle of equitable distribution.
Along with alimony, child custody, and support, property division is a major issue in a divorce that needs the knowledge of the right family lawyer to help you secure a fair and equitable share of marital assets and properties.