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Division of assets may include separate and marital property

Topics popular for those early in the divorce stage often include questions related to property division, child custody and the like. Depending on where you or your spouse stand on these issues, it can be fairly easy to come to a decision or fairly complicated. Division of assets can sometimes feel like an all-of-nothing game, but there is a way to do it equitably.

A big question many entering into a divorce have is about how their assets will be divided. In short, there are two type of assets generally found and they include separate and marital property. Separate property exists in common law marriage when a person has accumulated an asset before the marriage began and can include, gifts, inheritances and even pensions. Pennsylvania law dictates what is and is not separate property.

If it isn't considered separate property during a divorce, then it is more likely considered marital property. Marital property is anything shared between the spouses. In Pennsylvania, marital property is up for equitable division. If divorcing parties cannot come to a solution for how to divide their marital property, a judge can step in to decide what is fair and equitable. There are alternatives to this process if couples are looking to engage in a collaborative divorce.

Just like marriage, no two divorces are the same. That's why it's important to manage and account for all of your own and your spouse's assets and liabilities at the time of financial talks. In the same sense, withholding information about assets can be detrimental to the process.

Source: family.findlaw.com, "Divorce Property Division FAQ," Accessed April 10, 2017

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20120 Route 19, Suite 208
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