Divorce is an emotional time. It is also a period fraught with practical considerations. The choices you make in the next few months can affect your financial stability for years to come. Rushing into a settlement without properly considering your circumstances or fighting with your spouse just because you need to vent your frustrations are very different approaches that can be harmful rather than beneficial.
Those who achieve the best outcomes in Pennsylvania divorces typically let rational consideration rather than their emotions govern the process. As someone considering divorce, it’s important that you understand the rules that apply if you go to court. What happens to your property in a Pennsylvania divorce?
Pennsylvania wants you to equitably divide your property
Your marital assets belong to you and your spouse. You create one family when you get married, which means shared Financial circumstances. Property that you buy during the marriage belongs to both of you, and your income is also marital property.
When one of you files for divorce, you will need to look over your financial circumstances and estimate the value of your assets as well as your current debts. With the exception of separate property, couples will have to divide almost everything that they possess. Some spouses have marital agreements that set rules for property division or protect certain belongings or accounts.
In lieu of such an agreement, spouses either need to settle on dividing property or allow a judge to apply the state equitable distribution rule to their household.
How does equitable distribution work?
The goal of equitable distribution is to fairly split property and debts between the spouses. A judge will decide what is fair based on the property that the spouses own, their income, health, contributions to the marriage and several other factors.
Much is left to the discretion of the judge, which makes accurately predicting the outcome of property division proceedings in Pennsylvania somewhat difficult. Still, spouses can expect to share most property and debts with one another when they file for divorce. Inventorying your property and placing accurate values on your ass. Property division negotiations or litigation in a Pennsylvania divorce.