Our Upper Darby divorce lawyer Michael T. Malarick is available to take your call or respond to your family matter 7 days a week. Michael Malarick is an experienced divorce attorney with over 25 years of experience. Michael T. Malarick is a licensed attorney in New Jersey and Pennsylvania and has helped many couples in Upper Darby settle their divorce.
How is marital property divided in divorce?
When an Upper Darby, PA couple divorce, their marital property is subject to equitable distribution by the court. If a divorcing couple cannot agree on a division of marital property, either or both spouse should consult with an experienced family law lawyer.
Upper Darby Divorce Lawyer – What is marital property?
Marital property is that property acquired during the marriage or acquired with marital assets. Marital property also includes any increase in value of the marital property which occurred during the marriage. Marital property is either real property, such as a home, condo, or vacation home. It is also personal property, such as a car, bank account, or jewelry. Marital property also includes any debt acquired by the couple during their union.
How is marital property equitably distributed in divorce?
First, it is best for the divorcing couple to reach an agreement on the division of their marital wealth and debts. If the divorcing couple cannot agree, the court will divide their wealth and debt by applying the principles of equitable distribution. This means the court will divide the wealth and debt fairly—or in such proportions and such manner ‘as the court deems just’.
Second, in PA, equitable distribution or the fair division of marital property does not mean that the couple’s wealth and debt will be split 50-50.
Third, there are many factors a court will consider when deciding the fair distribution of marital property. The length of the marriage and the existence of prior marriages are considered. Obviously, the age, health, income, work skills, and needs of each spouse are considered. Whether either spouse contributed to the other’s education or training is considered. The couple’s standard of living during their marriage is a factor. The value of non-marital property owned by either spouse is also a factor.
Other factors considered during the equitable distribution of marital property is whether either spouse has custody of any children. Also considered is whether either party contributed to an increase or decrease of the value of marital property. This factor includes the situation where one spouse was the primary homemaker during the marriage.
Finally, the particular situation of each spouse is considered. That is, the income source, medical needs, insurance policies, and retirement plans, together with the prospect of future assets or income, are considered. The financial situation of the parties at the time of the distribution, such as tax consequences and costs associated with the sale or distribution of the property are considered.
Upper Darby Divorce Attorney
If you and your partner decide to separate in Upper Darby, you should each seek the advice of an experienced family lawyer. Upper Darby divorce lawyer Michael T. Malarick, will help the Upper Darby couple reach an equitable distribution of marital property either through agreement or the court’s fair distribution. If you are in need of help with the divorce process, call today for a free divorce consultation.
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