Dividing Property During Divorce
During a divorce, one household becomes two. This requires dividing all marital assets between the spouses. The outcome of the property division process can have long-reaching consequences on each party’s economic well-being.
If you are going through a divorce, or thinking about filing for divorce, make sure you speak with experienced attorneys who can protect your property interests throughout the process. Contact Ramsay & Ramsay, PC, in West Chester for help.
Division Of Assets
During a divorce, all marital property must be divided. This involves a two-step process:
First, all marital assets must be identified and valued.
In general, marital property includes all items acquired during the marriage with the exception of gifts and inheritances. The value of each property is the fair market value, or what the property could be sold for in an arms-length transaction.
Second, properties must be divided between the spouses.
In Pennsylvania, marital property is divided based on the principle of equitable distribution. This does not mean property is divided 50-50. Instead, the court evaluates 11 factors and divides property based on what it determines to be most fair. The 11 factors include items such as:
- The length of the marriage
- The age, health, income and employability of each spouse
- The marital standard of living
- The contributions each spouse made to the marriage
- Custody arrangements
While guiding you through your divorce, Ramsay & Ramsay, PC, has one goal: to help you leave your marriage in the most financially secure manner possible.
Family law attorneys Tom and Marissa Ramsay carefully examine all assets to accurately classify them as marital or non-marital. The attorney then work diligently to make certain that each asset is valued accurately.. Once that has been accomplished, they will then work with you to negotiate a property settlement agreement to ensure that you receive your fair share of the marital assets. If an agreement cannot be reached, they will zealously advocate for your interests in court.
Protect Your Property Rights. Call 610-235-4000.
For more information about equitable distribution of property, call Ramsay & Ramsay, PC, at 610-235-4000 or contact the firm online.