In 2020, there were only 50% fewer divorces than there were marriages. More than 58,000 couples tied the knot. Meanwhile, nearly 30,000 couples filed for divorce.
If you’re considering splitting from your spouse, you may wonder how to divide assets in a divorce. That’s why we’re bringing you this guide.
Keep reading for the information you need to know before officially filing for divorce in Pennsylvania.
How to Divide Assets in a Divorce in Pennsylvania
The state of Pennsylvania allows spouses to decide how they want to split assets after a divorce. If you and your former partner can’t work something out after filing for divorce, the judge will order equitable division.
In an equitable division, property and debts are divided equitably. What does that mean? The definition of equity can vary from case to case but, in general, it refers to the fair division of marital property.
Marital property includes any assets you and your partner purchased together while married. In Pennsylvania, courts typically assume that any property purchased during your marriage is marital property.
Courts order equitable division only of marital property. That means you and your spouse will divide all marital property down the middle when you split.
In some cases, you can single out an asset from equitable division. However, you must first prove to the court that the property in question qualifies as a non-marital asset.
Non-marital property includes assets you or your spouse purchased before you got married. It also includes property purchased after the fact is you and your former partner have separated already.
Pennsylvania courts don’t typically divvy up the non-marital property. Each asset returns to the spouse who purchased it originally.
Exceptions to Equitable Division
Some factors determine a specific case of equitable division. After all, an equitable division of property doesn’t necessarily mean an equal division of assets.
Dividing assets in divorce depends on:
- How long you and your spouse were married
- How much property you and your partner own
- How each spouse contributed to the acquisition of the asset
In addition to these factors, Pennsylvania courts take into account each spouse’s age, health, source of income, debt, and ability to be employed.
Dividing Debts After Divorce
Assets aren’t the only thing a Pennsylvania court will order you and your spouse to divide equitably. You and your partner are also prone to debts accrued during the marriage.
Unfortunately, you and your spouse are both responsible for marital debts. That’s true even if it was your partner who incurred those debts.
Considering Divorce? Call Blake & Schanbacher Law
So, how are assets divided in a Pennsylvania divorce?
If you and your spouse can’t come to an agreement, the court will order the equitable division of your marital property and debts. You alone will receive ownership for any assets or debts you incurred before your wedding.
Now that you know how to divide assets in a divorce, are you ready to get a lawyer on your side? Call Blake & Schanbacher Law today to set up your initial consultation.