Bucks County Equitable Distribution Attorney
When it comes to dividing property in a divorce, states operate in one of two ways. The first is the community property method, which requires that spouses split their marital property equally, 50/50, in a divorce. The second method is through equitable distribution, which is what Pennsylvania uses for their divorce cases. Determining what is equitable between spouses can be dictated by many different factors, which is why having an experienced Bucks County equitable distribution attorney by your side can be critical to securing the property settlement you deserve in your divorce.
To learn more about how the experienced divorce attorneys at Kardos, Rickles & Hand can help in the equitable distribution of your marital estate, call or contact our office today.
Determining Separate and Marital Property
The first step in the equitable distribution process is identifying all separate and marital property between the couple. Separate property is identified as all assets and debts that each spouse brought with them into the marriage. Marital property are all assets and debts acquired by either spouse during the course of the marriage. Each spouse retains their separate property in a divorce and splits the marital property equitably between them.
What is Equitable Distribution?
Equitable distribution requires that all marital assets and debts be split equitably, but not necessarily equally, between spouses in a divorce. This allows the couple and the courts to consider special circumstances that may warrant one spouse taking more assets or another holding on to a greater share of the debts. One common example occurs when one spouse uses marital funds to pay for gifts in an extramarital affair. The harmed spouse may be entitled to a greater share of the marital assets in a divorce to make up for the loss. Similarly, if one spouse takes on debt during the marriage that only benefits themselves, such as student loans or hidden gambling debt, they may ultimately be solely responsible for that debt in a divorce.
Pennsylvania code allows for a number of factors to be considered by the court if spouses cannot come to an agreement on their own about the equitable distribution of marital property in their divorce. These factors include the following:
- Length of the marriage
- Any prior marriages of either spouse
- The age, health, employability, vocation, liabilities, and needs of each spouse
- Any contributions of one spouse to the other’s education, training, or increased earning power
- Sources of income for both parties
- The value of each spouse’s separate property or property set aside by agreement
- The standard of living of the couple while married
- The economic circumstances of each party, including tax liabilities
- Whether either parent will be serving as the custodial parent for minor children
To learn more about what the court might consider in your case, talk to an experienced Pennsylvania divorce attorney today.
Call or Contact Our Office
At Kardos, Rickles & Hand, our team of highly skilled Bucks County divorce attorneys is here to assist with all of your legal needs during a divorce. Call or contact us today to schedule a consultation of your case.