Equitable distribution is controlled by the divorce code, which provides 13 factors that determine the division of marital property and debts. In a divorce, spouses must divide their property between them and if the spouses cannot agree on the division of property themselves, the court will intervene. The Equitable Distribution Factors Examination of the 13 factors in 23 Pa.C.S.A. Under Pennsylvania equitable distribution laws, courts consider a variety of factors and need not weigh the factors equally. Equitable distribution is the process of dividing a couple’s marital assets and marital debts as part of their divorce. A lawyer can first help you identify the property that you own which would be considered marital property under the PA divorce code. The process of equitable distribution may become complicated as it is sometimes difficult to identify which debts and assets are marital property. Our attorneys will focus on your wishes as we guide you through this important step. 3501(a). The third step in equitable distribution after identifying the asset and valuing the asset is the actual distribution of the asset of itself. Equitable division is interpretive, not absolute. In Pennsylvania, the courts use a variety of factors to determine equity. Many people have the idea that equitable distribution means equal distribution. Equity is established by determining what the present market value of the residence is at the period of separation. This can be especially difficult if you acquired significant assets (such as a home, a business, or retirement assets) while you were married. Equitable Distribution. The purpose of this Equitable Distribution Inventory Affidavit is to give the Judge the information needed to equitably divide the property. 1925(a) opinion on July 7, 2017. § 3502 will determine the equities of dividing the property. Equitable Distribution. Pennsylvania Property Division Factors In Pennsylvania, the property and debt issues are typically settled between the parties by a signed Marital Settlement Agreement or the property award is actually order and decreed by the Court of Common Pleas within the Decree of Divorce. This does not mean that the court will divide assets and debts on an equal basis. When a court is responsible for dividing the property, there are certain factors that the court must consider by statute. The Joseph Firm is dedicated to ensuring the courts understand all of the unique factors in our clients’ particular circumstances, and that our clients receive the judgment and allocation of … However, equitable distribution is an … For equitable distribution to be achieved, a detailed assessment and inventory of all marital assets must be conducted by the spouse and their divorce lawyer. One of the more contentious areas of most divorces is dividing up marital property between the two spouses. The other factors are in play but they tend to be the tail and not the dog in the process of dividing a marital estate. When our divorce clients have questions about the equitable distribution process – or the division of marital assets and apportionment of marital debts – they often assume that their estate will be divided exactly in half. On appeal, Wife presents the following issues for our review: 1. Determinations regarding the value of the marital estate depends on certain dates, some of which may change. Equitable Distribution in Allegheny County, PA. Click here for print-friendly PDF format. Each factor is considered separately and can be weighed differently based on the circumstances. In family law, we would call this “separate property.” However, during the course of the marriage, a couple will probably acquire more assets (or even debt) together. The Powers Law Firm PA - Charlotte Equitable Distribution Attorneys. The equitable distribution of assets in dissolution of marriage can be a complex and lengthy process. Should the asset be divided 50/50 or should the Wife get 60% of the value of the assets and the Husband 40%. Equitable Distribution Worksheet Pa and How to Divide In Excel Using A formula. Court-determined equitable distribution may also be avoided by both parties signing a marriage settlement agreement, in which the parties themselves are able to agree on the distribution of marital property. Individual & Family Law PA Family Law Equitable Distribution. Couples usually enter a marriage with a fair amount of their own property. Under New Jersey law, the title under which the asset was acquired is not determinative of distribution. Equitable Distribution and Marital Property in Pennsylvania Equitable distribution in Pennsylvania doesn’t necessarily mean that the property is evenly divided, only that it be fair. This permits more flexibility and more attention to the financial situation of both spouses after the divorce. The largest factors are the parties’ respective incomes, capacity for future earnings, age, contributions as homemaker or caretaker of children, and value of nonmarital property. Equitable Distribution of Marital Assets in High Net Worth Divorce Serving Exton, PA clients for more than 30 years . Instead, the statute on equitable distribution sets out 13 factors to be considered. Secured with SHA-256 Encryption. Pennsylvania is an equitable distribution state, and only property acquired during the course of the marriage is subject to division following divorce. Under Pennsylvania equitable distribution laws, courts consider a variety of factors and need not weigh the factors equally. §3502, which should be considered by a court in determining the equitable distribution of marital property. Subscribe to Equitable Distribution. Other factors considered in equitable distribution often include objective factors such as the duration of the marriage and the spouses' age and relative health. However, it also makes the resolution of property issues less predictable. There are a number of relevant factors spelled out in the Pennsylvania divorce code, 23 Pa.C.S.A. If you are looking for tenacious advocacy regarding your separation, divorce, spousal support or complex litigation involving equitable distribution, we are here to help. Those factors are listed in 23 Pa C.S. By Mark Ashton on January 14, 2021. The most frequently divided assets in a divorce are homes and their furnishings, vehicles, properties or businesses owned by both parties, jewelry, art, and retirement funds such as 401K’s or pensions. The provision in the Divorce Code permitting equitable distribution of a veteran's compensation where the veteran has waived a portion of his military retirement pay is preempted by federal law and is of no effect. 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