Property division is one of the primary processes of a divorce. When this element is not approached from the right angle, a divorce can be complicated. States follow different processes when dividing property between spouses going through a divorce. Pennsylvania is an equitable distribution state.
Here is what you should know about this matter:
Assets may be divided differently
In equitable distribution, marital property (property acquired during the marriage and non-marital property that gained value under specified conditions) is divided fairly. However, the court may handle each asset differently or a group of them independently. It’s about getting an equitable overall split of property.
The court considers certain factors
When dividing property, the court will consider different factors. Examples include the length of the marriage, any prior marriage of each party, the age and health of each party, each party’s liabilities and needs, their sources of income and employability and whether a party will be the custodian of any dependent minor children. These factors help the court use the fairest approach in property division.
The court allows interim partial distribution
If, at any point before finalization, the soon-to-be ex-spouses agree to liquidate assets, they can request the court to do so. The court will enter an order that allows interim partial distribution or assignment of marital property. Since divorce can be lengthy, this order can provide spouses with stability before the court gives equitable distribution orders. Note that the orders given in interim partial distribution may turn into permanent ones.
Property division can be a challenging part of a divorce. It will be best to obtain more information to know the steps to take.