One of the most common topics and concerns that comes up during divorce is property division. It is helpful, then, to understand how property is divided in Pennsylvania when a couple is divorcing. Divorcing couples likely have many questions concerning property division.
Pennsylvania follows equitable property division rules when dividing the property of a divorcing couple. This means that the court will seek to reach a property division settlement that is fair but the divorcing couple’s property may not necessarily be split in half. Property that falls under the category of marital property will be divided but separate property is not divided. Separate property is property one spouse acquired as a gift, through an inheritance or personal injury award or entered the marriage with. Marital property includes assets acquired during the marriage.
During the property division process, the court will consider several factors to determine what would be an equitable split of the couple’s martial property. The court will look at the income and liabilities of the spouses; the duration of the marriage; the age and health of the spouse; expected pensions and retirement benefits for each of the spouses; the ability of the spouses to provide for themselves; any obligations from previous marriages; the tax consequence of property division; and other factors as well.
Property division is an important part of the divorce process, making it equally important to understand. Couples considering divorce in Pennsylvania should be familiar with how property is divided so they can anticipate how to negotiate their property division settlement.