Philadelphia Property Division Attorney
Helping Clients Through The Division of Property Process in Pennsylvania
When it comes to family law matters, particularly in the context of divorce, one of the most intricate and emotionally charged aspects is property division. At William Kirby, Family Law Attorney, we recognize that navigating the complexities of property division can be challenging. That's why our experienced Philadelphia property division lawyers are here to guide you through this often stressful process.
Call William Kirby, Family Law Attorney, today at (215) 515-9901 or contact us online to schedule a consultation with our property division lawyer in Philadelphia.
What is Property Division?
Property division is a crucial component of divorce proceedings, involving allocating marital assets and debts between the spouses. This legal process ensures that both parties acquire a fair and equitable share of the marital property. It's important to understand that "marital property" encompasses tangible assets such as homes, cars, and bank accounts and intangible assets like pensions, retirement accounts, and even business interests acquired during the marriage.
The concept of equitable distribution is followed in Pennsylvania, which doesn't necessarily mean a 50-50 split but rather a fair and just division, taking into account various factors. These factors could include the length of the marriage, the contributions made by both spouses, the age and health of both parties, and their respective earning capacities.
How is Property Divided in Pennsylvania?
The principle of equitable distribution governs property division in Pennsylvania. This means that, in most cases, the court will strive to divide the marital property fairly, considering the unique circumstances of each case. It's important to note that separate property, which includes assets obtained before the marriage or through inheritance or gift, is typically excluded from this process.
Here are some key aspects of property division in Pennsylvania:
- Classification of Property: The first step in the process is to classify the property as either marital or separate. This classification is critical as only marital property is subject to division.
- Valuation of Assets: Accurate valuation of assets is essential to determine their worth. This can involve appraisals, assessments, or other means of assessing the value of real estate, businesses, and other assets.
- Division of Marital Debts: Just as assets are divided, marital debts are also subject to equitable distribution. Debts accrued during the marriage, such as mortgages, loans, and credit card balances, are allocated between the spouses.
- Consideration of Factors: The court takes into account various factors to determine how property is divided. These factors may include the length of the marriage, each spouse's contributions to the marriage, economic circumstances, and future needs.
- Alimony and Spousal Support: In some instances, one spouse may be entitled to receive alimony or spousal support, which can affect property division. The court will consider the financial needs and abilities of both parties.
- Negotiation and Settlement: While some property division cases end up in court, many are resolved through negotiation and settlement. This approach often allows for a more amicable and customizable solution.
Contact Our Property Division Lawyer in Philadelphia Today
If you're facing a divorce in Philadelphia and have concerns about property division, it's crucial to pursue the guidance of a skilled family law attorney. At William Kirby, our property division lawyers are here to provide you with the legal expertise and support you need during this challenging time. Contact us today to schedule a consultation and get the dedicated legal support you need during this important time in your life.
Contact William Kirby, Family Law Attorney, today to get started with our Philadelphia property division attorney.
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