How Assets And Property Are Divided In A Pennsylvania Divorce
When facing a divorce, many issues can become highly contentious, as each party fights for what they think they deserve. One such issue is property division. Homes, bank accounts, personal property and other assets are at stake in the process. When you need help protecting yourself and your right to your property, enlist a skilled attorney who can help you understand your options.
At Junker Shotto LLC, we are staffed with highly knowledgeable divorce and family law lawyers. Having handled these types of cases for decades, we are able to break down the process for you and discuss how property may be divided. Our firm understands the financial challenges that often accompany a divorce. We work tirelessly to see that you are able to find a way out of your marriage while maintaining your financial footing. We are committed to seeking a fair division of property and preventing your spouse from getting anything to which they are not legally entitled.
Types Of Property That Are Divided
It is important to note that Pennsylvania is an equitable distribution state. This means that marital property is not always divided in a 50-50 manner, but in a way that is deemed equitable and fair. While someone may get one item that is worth a great deal of money, someone else may get several items that are equitably equivalent to the one item.
There are many different types of property and assets that are subject to division, including:
- Real property (additional residences or undeveloped property)
- Checking and savings accounts where marital funds have been deposited
- Cars and other vehicles
- Personal property (including jewelry and art)
- 401(k)s and other retirement accounts, including IRAs and Roth IRAs
- Military benefits
Any property that is considered separate property is not subject to division. This can include any property or assets that were accumulated before the date of the marriage. However, if marital funds were used to maintain a piece of separate property, the matter can be complicated and partially subject to division in certain situations.
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Talk to us today about your questions and concerns regarding property and asset division in divorce. We look forward to helping you tailor a property and asset division solution that satisfies your needs.