Did you know that Pennsylvania courts have an "equitable distribution" model to help couples fairly split their marital property? Although this model purports to be fair, some clients are surprised to learn that it does not require the equal division of property. That is, "equitable distribution" may mean that you get less than half of the value of your marital property. Protect your financial and legal interests by understanding the law in Pennsylvania -- and enlisting the help of an attorney with knowledge about complex asset division.
Marital property is defined as all assets and holdings that are acquired by either party during the term of the marriage. It does not matter who is officially considered the owner of the property -- a vehicle could be titled in your name, for instance, but it is still considered marital property if obtained during the marriage. These assets include real estate and other holdings such as pensions, stocks, retirement accounts and trusts. Such assets can be particularly difficult to divide in high asset divorce situations.
Considering the complexity of marital property division, legal experts know that it is important to obtain an accurate valuation of your holdings and assets. Just as you would seek an accurate home appraisal before putting your property on the market, so should you seek appropriate valuation for all of your marital asset holdings. Complex asset division may demand valuation of not only real estate, but also retirement accounts and other assets.
Having an experienced legal team by your side during your high asset divorce may ease the transition between married and single life. Please visit our divorce webpage to learn more.
Source: Kalinoski Law Offices, P.C., "Scranton Property Division Attorney" Sep. 01, 2014