Misconceptions About the Division of Marital AssetsOctober 22, 2021
Getting a divorce is an emotional roller coaster ride, one that feels messy even when both partners agree to separate peacefully. But beyond the physical, mental, and even spiritual toll it leaves, going through divorce starts to become overwhelming when complex legal matters come into the conversation.
One of the more complicated issues that can add salt to the wound includes property division, as separating couples often believe more misconceptions about the distribution of marital assets than facts. These misunderstandings can lead to the two parties making ill-informed decisions; that’s why it’s important to work with a family lawyer who can ensure you understand the legalities of the divorce process.
Read on to fact-check your knowledge of how property division truly works in Pennsylvania.
Mistake #1: Thinking that Assets are Always Equally Divided
It’s understandable that separating couples would think that their marital estates will be equally divided, but the court considers several factors that impact the distribution process, making property division in Pennsylvania “equitable”.
Some of the things worth assessing include the earning power of each spouse, individual health needs with long-term ramifications, pre-marital assets, and even the duration of the marriage.
In some cases, one spouse may get a larger percentage of the marital assets, meaning that the term “equitable distribution” doesn’t necessarily mean an equal 50/50 division.
Mistake #2: Thinking that Assets Under Your Name Will Not be Subjected to Division
Property titled in your name doesn’t exempt assets from the division of marital property when going through a divorce. Any property acquired during the marriage may be considered part of the marital estate. One of the few assets that may be separated from the marital estate is an inheritance received by a spouse during the marriage. However, whether the inheritance is separated from a marital will vary based on various factors.
The good news is that an experienced lawyer can help to take the guesswork out of this process, so you can gain a realistic picture of what assets you can potentially keep or lose during the divorce.
Mistake #3: A Business Started Before Marriage Doesn’t Count as a Marital Asset
Similar to an asset titled in one spouse’s name, spearheading a venture before marriage does not necessarily remove it from your marital estate. With that in mind, dividing the value of the business entails a tedious process considering various business valuations, appraisals, and taxations. Naturally, working with a lawyer can also help simplify the situation and an accountant can help to make sense of the tax consequences involved.
The Bottom Line: Understanding How Property Division Works in Reality for Divorcing Couples
Pushing through a divorce is complex enough, but discussing property division can make the situation even more stressful. The misconceptions about equally distributing the marital assets can also cause harmful conclusions when facing divorce, but working with an expert family lawyer can help you understand the complex legal matters involved in the process so you can make better decisions moving forward.
Are You Looking for a Reliable Estate Attorneys in Pennsylvania?
Dealing with family law cases can be exhausting and complicated, especially when it involves trust funds. Working with a family law firm in Pennsylvania should help you navigate and simplify your legal woes, so you can rest easy knowing your assets are protected properly.
Unlike the traditional legal representation, Daley Zucker, LLC is fully committed to delivering the best representation and resolution for our clients in need of legal assistance. With years of experience and with a results-driven tenacity, our attorneys will strive to turn the tides in your favor if you contact us today at (717) 971-8719.