If you are a married Pennsylvania resident contemplating divorce, you probably are wondering how assets accumulated during a marriage are allocated during a divorce. FindLaw explains that while Pennsylvania is not a community property state, whatever property you and your spouse acquired during your marriage, including all money earned by each of you, is considered to be marital property. This property, however, is not necessarily owned jointly by you and your spouse, nor will it necessarily be divided equally between you and your spouse when you divorce.
Any property, real or personal, that you bought or otherwise acquired prior to your marriage is your separate property, not marital property. Likewise, any property you bought after your marriage, but paid for with money you earned before you were married, is your separate property. In addition, any property you received as a gift during your marriage is yours alone.
If you and your spouse own a business together, how much of it is marital property as opposed to separate property depends on numerous factors, including the following:
Even though Pennsylvania is not a community property state, it is an equitable distribution state. Marital property must be distributed between divorcing spouses in a fair manner. What is fair depends on a variety of considerations, including answers to the following questions:
Pennsylvania courts normally accept whatever property division agreement you and your spouse reach. However, if you cannot come to an agreement, a judge will divide your marital property in a way that he or she considers to be fair and equitable.
For more information, contact Louis Wm. Martini, attorney at law.