Pittsburgh Divorce Settlements - Equitable Distribution of Property Lawyer
Our Pittsburgh lawyers help our clients negotiate and settle disputes about the
division of marital property. If the parties cannot reach an agreement regarding the division of martial property we litigate
the Equitable Division of Property in the local court system. If you have questions about Equitable Division of Property in
Pennsylvania we would be happy to speak to you.
Law Offices of Scott L. Levine, LLC
425 1st Ave - 6th Fl., Pittsburgh, PA 15219
Phone: (412) 303-9566 - Fax: (412) 202-3852
Equitable Distribution of Property in PA - What is the martial
estate and how will your assets be divided? Call 412.303.9566 us today.
| Divorce Settlements |
|
| Legal counsel for distribution of marital assets |
Marital Property
Generally “Marital Property” is comprised of any asset acquired by either
spouse from the date of marriage through the date of separation. Also
the increase in value of any asset owned by either party prior to the date of marriage is considered a marital asset unless
specifically noted otherwise in a prenuptial agreement.
Settlement
Depending
on the ability of the divorcing parties to cooperate they may be able to enter into an agreement which takes into account the distribution of all marital assets. This option is often preferred
by those people who wish to avoid having to resort to involving the court, and who wish to have greater control over the final
agreement.
Litigating
Equitable Distribution
Other times the parties will not agree as to what is
marital property, or the appropriate way to divide such assets, and in such cases the matter will need to be litigated. Note
that “equitable” does not mean “equal”. The court will look at a number of factors including the respective
employment and earning capacities of each party, and may divide the assets “equitably” although one spouse may
receive a more significant portion of the martial estate.
Inheritances
An inheritance received by one
party during the marriage is generally a non-marital asset if it is kept separate from marital funds. However if an inheritance is co-mingled with
marital assets the inheritance will generally be considered a marital asset. The most common instance is when one spouse receives
an inheritance and uses that money to put a down payment on a house which is acquired after the date of marriage.
Date
Of Separation
The date of separation is an important consideration when reviewing your options in resolving a divorce. The date of separation marks the end of
the martial portion of many debts and assets while the value of other assets will be valued at the time of trial. Use
of Marital Settlement Agreements
The most cost effective way to handle
the distribution of the marital estate, including all marital assets and debts may be through the use of a Marital Settlement Agreement, or "MSA". On the other hand if the parties are unable to agree on a division of the marital
assets or debt, the court will be involved in a process known as equitable division of property. This is a more time consuming
process and may include one or more conciliations, as well as the exchange of formal discovery between the parties, and ultimately
may require attendance at an equitable distribution trial. To discuss what may
be considered marital property, or for more information about Equitable Division of Property in Pennsylvania, call Scott L. Levine at 412.303.9566.
