Franklin Park Asset Division
Getting a divorce does not only end a husband and wife’s relationship but many other things as well. When spouses part ways, everything that they once shared will be separated as well. One of the most important aspects of divorce is the asset division.
In Pennsylvania Consolidated Statutes, it is stated in Title 23, Section 3502 that the court shall fairly assign, divide, or distribute the marital assets between the two parties upon the request of a whoever spouse.
Should there be any marital misconduct during the marriage, the court will disregard it in dividing the marital property. Moreover, the court may assign a different percentage to each marital asset or group of assets after the consideration of relevant factors.
If you fail to make a formal written request for asset division, you may not be able to have the right to obtain your portion. To effectively file for an asset division in divorce, you should consult with a property distribution lawyer. He will help you to rightfully claim what is yours from your marriage that is about to end.
Call Voelker Kairys & Morris at (412) 693-6655 to get a free consultation with us!
Marital Assets and Debts
Yes, debts are also included in the distribution. If you made a loan or if you took money as debt during the marriage, the court shall decide who will pay for it. What are considered marital assets?
A marital asset or group of assets is any property acquired during the marriage. It does not need to be bought by the couple. Even if only one spouse is involved in the purchase, it is still considered marital property.
Personal property refers to items, jewelry, savings, vehicles, etc. owned by an individual. In a marriage, you have personal needs; thus, you have personal property that you bought yourself, for your use. Yet, if you are a married person, all your personal property becomes a marital property as well. You don’t own it alone, you and your spouse own it.
Real Estate Property
Real estate is not limited to house and lot or the primary home. It also includes vacation houses, house rental units, commercial properties, and others that may be classified as real estate.
A retirement account involves retirement benefits. If a spouse retires, the many ways it may affect the other spouse should be considered. It responds to whether there is a need for alimony or an estate plan. These are all examples of marital property.
Pension is a significant marital asset. Despite the permanent separation, pension companies can still impartially distribute payments to the employee and his or her spouse who are getting divorced.
Factors to Consider in Asset Division
The decision of the court on how to distribute marital property equitably depends on some factors about the marriage. Here are the following:
- Lifespan of marriage
- Any previous marriage of either spouse
- Age and health of each spouse
- Sources of income (retirement, medical, insurance, etc.), employability, liabilities, and needs of each party
- One party’s contribution to the education or increased earning capacity of the other party
- Each party’s opportunity to acquire future income and capital assets
- Each party’s preservation or depreciation of the marital property
- The value of the separate property of both parties
- The standard way of living of the married couple
- The child custody of dependent children
Equitable Distribution of Marital Property in Franklin Park
The equitable distribution of marital property in Franklin Park,PA does not mean both parties will receive 50/50 of the assets. Some states like California distribute marital property equally into a fifty-fifty share, but in Pennsylvania, equitable distribution of marital property is observed according to its statutes.
Equitable distribution pertains to the fair division of assets. Even if the percentage assigned to one party is not the same as that of the other, as long as it is deemed fair and impartial, it will be the court’s discretion. The decision of the court will mainly be relying on the analysis conducted on the factors that need to be considered.
Consult with a Property Distribution Lawyer in Franklin Park
The law can be confusing, especially since it varies from state to state. If you are in the middle of processing your divorce, it will be best that you seek help from a property distribution attorney when filing a request for a division of marital assets. When the divorce gets finalized, and you haven’t submitted a formal request, which should give enough time for the court to respond, you will lose your opportunity to take what is yours.
Our asset division lawyers from Voelker Kairys & Morris are committed to turning a difficult situation in favor of you. Your interests will be protected with the legal assistance of our attorneys. We will thoroughly examine and assess your marital property to ensure that they will be fairly allocated.
Call Voelker Kairys & Morris at (412) 693-6655 and book a free consultation today!