If you are currently going through a divorce or are thinking about filing for a divorce, you will know that establishing how marital assets should be divided is perhaps one of the most important issues. Gaining a good divorce settlement will enable you to be able to move forward into your new life positively.
However, if you are unable to gain a fair divorce settlement, you may be forced to take on more work or struggle financially in the coming years. If you want to make sure that you gain the divorce settlement that you deserve, you should first gain a good understanding of the marital property laws in your state.
What are the marital property laws in Pennsylvania?
Pennsylvania is an equitable distribution state when it comes to asset division. This means that the state does not recognize community law, which would dictate that each spouse gets a 50-50 split of all marital assets. Equitable distribution instead means that assets are divided according to what is deemed to be fair and just given the circumstances.
What factors are taken into account?
When deciding how marital assets should be divided between spouses, factors are considered, such as the length of the marriage and the income of both spouses. Nonfinancial contributions to the marriage will also be considered, as well as the potential of each spouse to gain an income in the future.
If you are thinking of filing for a divorce in Pennsylvania, you should not waste time, and make sure that you know how to get the best possible financial outcome for yourself.
