Division of property in Pennsylvania divorces

April 24, 2013

Division of property in Pennsylvania divorces

Article provided by Gentile, Horoho & Avalli
Visit us at http://www.gha-lawfirm.com

There are many reasons why a couple may be considering ending their marriage. The spouses may try to make things work, but in the end, it might be impossible for the couple to resolve their differences. This is often a very emotional time for everyone involved, and can leave the spouses waiting for the divorce to be complete as soon as possible.

Many spouses will try to work out an agreement about the issues that need to be addressed with one another. In some circumstances, they are unable to come to an agreement about property division or child custody matters. Those couples may then turn to the court for assistance with their divorce.

Pennsylvania law requires marital property to be divided equitably. This does not necessarily mean that each spouse will receive an equal share of the property that they have acquired during the marriage. The property agreement that will be determined by the courts simply must be considered "fair" at the time it is entered. The court will use many factors to decide how to divide the property, including:
-The length of the marriage
-The ability of the parties to work after divorce
-The contribution of the spouses to the marriage
-The sources of income for the parties, which can include benefits from employers
-The value of the property to be divided
-The standard of living of the parties
-Whether or not the spouse will be a custodian to any of the couple's children

For couples with high-value assets that need to be divided, including homes or businesses, it will be important to get an evaluation of the asset's worth before coming to an agreement. If one of the spouses wishes to continue operating the business after the divorce, it will be necessary to get an idea concerning the value of all of the assets of the company in order to buy the other spouse out.

Couples will also need to divide the debts that they have acquired during the marriage as well. This includes the credit card debts of the parties, and may also include the mortgage for the marital home.

Agreements made concerning the division of property can be extremely difficult to change in the future, so it is important that individuals understand the decisions that they are making at this time. Failing to properly address issues during this stage can leave individuals struggling with money problems after the divorce is final.

If you are considering filing for divorce, you may have questions about what will happen throughout the process. Many people are not prepared for some of the issues that may arise, and this can make the divorce more stressful. Speak to an experienced family law attorney to learn more about the steps you need to take to make your divorce as painless as possible.