In the United States, the law differs significantly from state to state on the law in regard to the division of marital assets. In Pennsylvania, equitable distribution law is recognized. This means that all property within the marriage is separate. Therefore the assets should be generally divided to in a fair way that recognizes the contribution of each spouse in the marriage.
If you are considering going through a high-asset divorce in Pennsylvania as a high-asset individual, it is very important that you understand how your assets will be divided so that you are prepared for the financial implications for you and your future financial well-being.
What is marital property?
In equitable distribution states such as Pennsylvania, the assets that are regarded as marital property will be the ones to be divided in a fair and equitable way. Marital property is regarded as any property and earned assets that were acquired after the beginning of the marriage. Any assets held before the start of the marriage are considered to be separate property.
What is taken into account in the division process?
In order for divorcing spouses to divide their assets in a fair way, several things will be taken into account, including the income of each spouse. The duration of the marriage will also be a factor in how the assets are divided.
If you are interested in how your assets would be divided in the event of a divorce in Pennsylvania, it is a good idea to research the matter in full and obtain the guidance of an experienced Pennsylvania family law attorney.