What Is Marital Property in Pennsylvania?
Many people file for divorce without understanding exactly what is and is not marital property. This can lead to unpleasant surprises, such as finding out you are responsible for a share of your spouse’s debts.
At Cunningham, Chernicoff & Warshawsky, P.C., in Harrisburg, our attorneys are here to protect your financial interests in divorce. Call us at 717-260-3527 to talk to a lawyer about marital property division.
Understanding Marital and Separate Property
Marital property generally includes all assets and debts accumulated during your marriage, regardless of who earned it or whose name is on the title or deed. Retirement plan assets, savings, houses, businesses, cars, motorcycles and credit card debt are examples of marital property. Marital propriety is subject to equitable division between you and your spouse. Equitable division may or may not be 50-50.
Separate property includes assets you owned before your marriage or received as a gift or inheritance during your marriage. Separate property is yours to keep in divorce. However, it is up to you to prove that an asset is separate property. There are things you can do that may change separate property into marital property such as:
- Depositing money or stock in a joint account
- Refinancing a house and adding your spouse’s name to the deed
In addition, if your spouse contributes his or her time or marital resources to your separate property (such as your house or business), he or she may be entitled to an equitable share.