Bucks County Division of Assets & Debts Attorney
In any divorce case, one of the most significant issues is the division of assets and debts between spouses. The distribution of property is often the largest determining factor in a person’s final divorce settlement, which is why having an experienced Bucks County divorce attorney advocating for your legal interests is critical during this time. At the office of Kardos, Rickles & Hand, our Bucks County division of assets & debts attorneys are here to help you with the division of assets and debts as well as any other issue that may arise in your divorce case. To learn more, call or contact our office today to schedule a consultation.
Identifying Separate and Marital Property
The first step in the division of assets and debts in a divorce is identifying the separate and marital property of the spouses. Separate property is all personal property items and real estate that each spouse brought with them into the marriage. Marital property is everything acquired by either spouse during the course of the marriage. Separate assets and debts are retained by each spouse, while marital assets and debts must be divided during a divorce. There is also a third category of property, known as commingled property, that could either be retained by a spouse or split between a couple during a Pennsylvania divorce.
Common Assets and Debts
When many people think of dividing property in a divorce they usually only think of tangible items like the house and cars. However, both assets and debts must be split between spouses, and both tangible and intangible items must be distributed from the marital estate. Some of the most common assets identified in divorce property division include the following:
- Real estate
- Primary and vacation residences
- Cars and other vehicles
- Bank accounts
- Investment accounts
- Retirement accounts
- Business interests
- Stock options
- Memberships and subscriptions
- Intellectual property
- Travel rewards points, and more.
In addition to the marital assets, marital debts must also be split between spouses in a divorce. Some of the most common marital debts include the following:
- Home equity lines of credit
- Credit card debt
- Auto loans
- Student loans
- Unpaid medical bills
- Unpaid taxes
- Business debt where a spouse is legally liable, and more.
Impacts of Equitable Distribution
Pennsylvania is an equitable distribution state when it comes to dividing marital assets and debts, which means that marital property must be split equitably, but not necessarily equally. Certain circumstances could result in one spouse receiving more in marital assets or less in marital debts. Some of the most cited reasons include infidelity, hidden credit card or gambling debt, or an unequal division property agreed to in a prenuptial agreement. To learn more, talk to an experienced Pennsylvania divorce attorney today.
Talk to Our Office Now
Would you like to speak with a knowledgeable Bucks County divorce attorney about the division of marital property in your case? If so, call or contact Kardos, Rickles & Hand today to schedule a consultation of your case.