Jeffrey Johnson is a legal writer with a focus on personal injury. The Equitable Distribution Factors Examination of the 13 factors in 23 Pa.C.S.A. 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. Absolute terms are clear and concrete. For example, a person might already own a house or have several bank accounts before marrying their spouse. Equitable Distribution of Marital Assets in High Net Worth Divorce Serving Exton, PA clients for more than 30 years . In Pennsylvania, the courts use a variety of factors to determine equity. 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. You may also email Bill Powers at: Bill@CarolinaAttorneys.com Equitable Distribution in a PA divorce Couples usually enter a marriage owning a fair amount on their own. Instead, the equitable distribution process involves the evaluation of a number of factors before a court can determine how to fairly divide the parties’ marital estate. However, it also makes the resolution of property issues less predictable. The process of equitable distribution may become complicated as it is sometimes difficult to identify which debts and assets are marital property. In states that recognize equitable distribution of marital property, spouses have an opportunity to reach an agreement on their own (subject to approval) before the courts intervene. This permits more flexibility and more attention to the financial situation of both spouses after the divorce. To learn more, give our office a call to set up your consultation so that we may discuss your specific case. 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 division is interpretive, not absolute. Equitable Distribution in Allegheny County, PA. Click here for print-friendly PDF format. The Powers Law Firm PA - Charlotte Equitable Distribution Attorneys. One of the more contentious areas of most divorces is dividing up marital property between the two spouses. PA Equitable Distribution – The Myth of 50/50. Secured with SHA-256 Encryption. Dividing home equity is an essential process for the two parties, and it ought not to be carried out so without legal representation. Equitable Division: A legal theory that guides how property acquired during the course of a marriage should be distributed between the two parties in the case of a divorce. Subscribe to Equitable Distribution. There are a number of relevant factors spelled out in the Pennsylvania divorce code, 23 Pa.C.S.A. But length of marriage and relative earnings are the big two followed by a sizable non-marital estate and/or the role of a parent as primary caretaker. 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. Relevant Factors. Call Attorney Bill Powers at 877-462-3841. A lawyer can first help you identify the property that you own which would be considered marital property under the PA divorce code. Equitable distribution does not necessarily mean a 50/50 split of all marital property. Pa.R.A.P. Pennsylvania is referred to as an "equitable distribution" state. August 23, 2016 McGrail & Associates Uncategorized No Comments. 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. This can be especially difficult if you acquired significant assets (such as a home, a business, or retirement assets) while you were married. Each factor is considered separately and can be weighed differently based on the circumstances. 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. Other factors considered in equitable distribution often include objective factors such as the duration of the marriage and the spouses' age and relative health. 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 … Couples usually enter a marriage with a fair amount of their own property. Philadelphia, PA Equitable Distribution Attorney. In Florida, the law requires that property acquired during the course of the marriage be distributed equitably. Instead, the statute on equitable distribution sets out 13 factors to be considered. Equitable Distribution Worksheet Pa and How to Divide In Excel Using A formula. The Judge will need to know this information because at the trial the Judge must determine the Fair Market Value (FMV) of each item of property and whether each item of property is Marital or Separate. 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 third step in equitable distribution after identifying the asset and valuing the asset is the actual distribution of the asset of itself. Under Pennsylvania equitable distribution laws, courts consider a variety of factors and need not weigh the factors equally. Under Pennsylvania equitable distribution laws, courts consider a variety of factors and need not weigh the factors equally. This permits more flexibility and more attention to the financial situation of both spouses after the divorce. Equitable distribution is controlled by the divorce code, which provides 13 factors that determine the division of marital property and debts. Should the asset be divided 50/50 or should the Wife get 60% of the value of the assets and the Husband 40%. 3501(a). 1925(a) opinion on July 7, 2017. This is important because ONLY marital property can be subject to an equitable division and distribution. Individual & Family Law PA Family Law Equitable Distribution. The purpose of this Equitable Distribution Inventory Affidavit is to give the Judge the information needed to equitably divide the property. If you're going through a divorce, enter your ZIP code below to consult with a local divorce attorney. By Mark Ashton on January 14, 2021. This is when the various factors come into play. Equitable and equal are not the same thing. Pennsylvania is an equitable distribution state, and only property acquired during the course of the marriage is subject to division following divorce. Equitable Distribution. Equitable distribution is the process of dividing a couple’s marital assets and marital debts as part of their divorce. Earlier, you learned that the relevant factors of equitable distribution are determined by statute. In family law, we call this "separate property." §3502, which should be considered by a court in determining the equitable distribution of marital property. This may take place in a collaborative environment or through each party's attorney. 3502 and include the following: However, there are exceptions to equitable distribution and marital debt. The equitable distribution of assets in dissolution of marriage can be a complex and lengthy process. Posted in Divorce, Equitable Distribution, Family Law, Mortgage, Property Settlement Agreement, Real Estate. “Equitable distribution” is the process by which courts divide marital property between the spouses. In fashioning the equitable distribution award, did the trial court err by failing properly to apply the factors outlined in 23 Pa.C.S.[A.] 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. However, it also makes the resolution of property issues less predictable. 23 Pa. C.S.A. However, equitable distribution is an … Several important factors to keep in mind about equitable distribution are as follows: First, one should note that generally, the time period for determining what property is acquired during the marriage is the period from the date of marriage to the filing of the divorce complaint. On appeal, Wife presents the following issues for our review: 1. Equitable Distribution. § 3502 will determine the equities of dividing the property. NAVIGATING A HOME TRANSFER IN DIVORCE. Equity is established by determining what the present market value of the residence is at the period of separation. Our attorneys will focus on your wishes as we guide you through this important step. Aside from child custody and support issues, the distribution of marital property — which includes both marital assets and marital debts — can be one of the most controversial issues in a divorce matter. Many people have the idea that equitable distribution means equal distribution. A 50/50 division of assets would be a concrete or absolute rule that is relatively easy to explore on your own in terms of predicting the outcome in a case. Get Legal Help Today . For example, a person might already own a house or have several bank accounts before marrying their spouse. Pennsylvania is an equitable distribution state and not a community property state; as a result, the courts divide marital assets and debts on the basis of what it believes to be fair using principles of equity. Equitable Distribution. 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. 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. Those factors are listed in 23 Pa C.S. 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. Determining What's Equitable: Factors Considered. It is important to note that the term “equitable” does not necessarily mean “equal”. The importance of having an experienced lawyer on your side for equitable distribution of your marital property cannot be overstated. Courts use 11 factors outlined in a statute (23 PA C.S.A Section 3502(a) to determine how equitable division/sharing of the marital estate should be conducted. Determinations regarding the value of the marital estate depends on certain dates, some of which may change. Furthermore, the factors to be considered, and the impact of marital misconduct on the equitable distribution is addressed as follows: Equitable division of … Under New Jersey law, the title under which the asset was acquired is not determinative of distribution. Just about every divorce case involves a house and its corresponding mortgage. If you are looking for tenacious advocacy regarding your separation, divorce, spousal support or complex litigation involving equitable distribution, we are here to help. In most cases, equitable distribution awards actually reference all of the factors found in the Divorce Code. 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. 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