Butler Property Distribution Lawyer
One of the most contentious, and complicated, aspects of divorce is the division of marital property. In some cases, possibly if a prenuptial agreement exists or the couple has only been married for a short period of time, division of property is straightforward. In others, particularly if there are high assets, considerable debt, a family home, and/or the marriage is over a decade long, division of marital assets becomes much more complex. The Butler property distribution lawyers at Bunde & Roberts, P.C are here to help you receive a fair share of your marriage’s assets.
“Equitable” Division of Property Does Not Necessarily Mean Equal–It Means Fair
Under § 3502, Pennsylvania is an equitable distribution state. This means that marital property is divided equitably, which means fairly. Rarely does this result in a direct 50/50 split, though that is also a possibility. The thing to keep in mind, however, is that equitable means fair, not even. Considerations of the court when dividing marital property include, though are not limited to, the following:
- Length of the marriage;
- Other past marriages of each party;
- Financial contributions made by each party;
- Non financial contributions made by each party, such as homemaking, raising the child, or supporting the other spouse’s education or career;
- Standard of living of each party;
- Age and health of each party;
- Future earning ability of each party, or other future financial prospects;
- The expense of liquidation or sale of an asset if divided;
- Whether one of the spouses will be the primary custodian of the children;
- Tax ramifications of division of assets; and
- More.
Defining Marital Property
The median net worth of a household in which the “head of the household” is 35 or younger is just $11,100, according to The Street. As people age, their net worth generally rises. The median household net worth is $264,800 for households in which the head is 75 or older. As such, younger couples generally have fewer assets to divide during divorce. Additionally, couples who have only been married a few months or years, regardless of age, usually have not had the time to accumulate many marital assets, making division of assets less complicated. Marital assets are all assets acquired during the course of the marriage. Any asset owned by either party before the marriage began is separate, or nonmarital property. Marital property includes things like:
- Bank accounts;
- Savings accounts;
- Retirement plans;
- Business assets;
- Debt;
- Real estate;
- 401(k) accounts;
- Automobiles;
- Furniture, appliances, and other household items;
- Stock assets;
- The increase in value of a nonmarital asset (such as real estate) during the marriage;
- Electronics; and
- More.
Some assets, even if they are acquired during marriage, may not be considered marital assets, depending on the specific circumstances surrounding those assets. These include personal injury awards or settlements, inheritance, and gifts given specifically to one party.
Call Our Butler Property Distribution Lawyers Today
The Butler property division attorneys at Bunde & Roberts, P.C are here to help you receive a fair share of your marriage’s assets whether you are the higher earning spouse, the lower earning spouse, or you both have similar salaries or entered the marriage with similar personal assets. Contact us today at 412-391-4330 to schedule a consultation.
