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.
What’s Marital Property And What’s Separate?
Retirement plan assets, houses, businesses, vehicles and savings are examples of marital property. Even debt is considered marital property, no matter if it was under your name or theirs. During a divorce, the shared marital property is divided in an equitable manner. That doesn’t mean that you and your partner will necessarily split things equally. If an agreement is not reached between the two of you, a judge may divide things based on the way they think is fair.
Property that is considered separate and owned individually is generally what you brought into the marriage. Things that are given to you, or inherited, during your marriage are also separate property and do not have to be given up during a divorce. You will need to be prepared to prove that something you own is not marital property, however.
There are some cases in which separate property can become marital or its status can be called into question. For example, depositing money into a shared bank account or adding a spouse to a property deed can raise questions about whether or not an asset is now shared between you and your partner. 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.
For More Information About Divorce Property Division
Jordan D. Cunningham & Johanna H. Rehkamp
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