Greater Philadelphia Property Division Attorneys
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Experienced Family Law Attorneys Protecting Your Property During Divorce in The Greater Philadelphia Region
When a marriage ends, deciding how to divide property, assets, and debts can be one of the most stressful parts of the divorce process. At Conway Schadler, our property division attorneys work with clients throughout the Philadelphia metropolitan area to protect their rights and pursue a fair distribution of marital property.
We help with every part of property division, including identifying separate property, valuing marital assets, and addressing issues like retirement accounts, the marital home, and debts incurred during the marriage.
Whether you are dealing with substantial assets, business interests, or concerns about hiding assets, our Greater Philadelphia, PA, family law attorneys provide the guidance you need to make informed decisions about your future. Call (484) 997-2040 or contact us through our online form to speak with a divorce lawyer about your property division case.
Understanding Property Division Under Pennsylvania Law
In Pennsylvania, property division follows the principle of equitable distribution, meaning the court divides marital assets and debts in a way that is fair, though not necessarily equal. This process takes into account various factors, such as the length of the marriage, each spouse’s contributions, and future financial needs.
At Conway Schadler, our property division attorneys work closely with clients to identify what is considered marital property, determine the value of assets and debts, and address issues involving separate property, prenuptial agreements, and postnuptial agreements.
Equitable Distribution of Property in Pennsylvania
In Pennsylvania, courts follow Section § 3502.0 when deciding how to divide marital property following a separation or divorce. Unlike some states that require an exact 50/50 division of marital assets, Pennsylvania, like most states, follows the principle of equitable distribution.
The purpose of equitable marital property division is for a fair distribution of assets and debts, but it may not necessarily be an equal division. When determining how to divide marital property, the court considers various factors, such as the length of the marriage, each spouse’s income and earning potential, contributions to the marriage (including non-financial contributions like raising children), the value of assets and debts, the standard of living during the marriage, and each spouse’s future financial needs.
What is Considered Marital Property in Pennsylvania
Marital property includes any property acquired during a marriage. Assets do not need to be purchased jointly or in joint names to be considered marital property. For example, if one party purchases a vehicle and keeps it in their name alone, it is still considered marital property and is subject to equitable distribution.
Other common examples of marital property include real estate such as the family home or vacation homes, financial investments, savings, retirement/pension accounts, businesses, and debts incurred during the marriage.
Separate property, however, is not subject to equitable division and includes assets that each spouse had prior to the marriage. Gifts given to just one spouse and property inherited by one spouse are also considered separate property.
Factors Courts Consider When Dividing Property in Pennsylvania
Pennsylvania courts consider various factors when deciding how to divide property, including the length of the marriage, each spouse’s age, health, income, and earning capacity. The court also considers both financial and non-financial contributions, such as homemaking and childcare. In addition, judges take into account the standard of living during the marriage and the future financial needs of each spouse.
Common Types of Property Divided in Pennsylvania Divorces
In a Pennsylvania divorce, property division involves more than just splitting the family home or bank accounts. Marital property can include a wide range of assets and debts acquired during the marriage, regardless of whose name is on the title. This may involve dividing marital property such as real estate, vehicles, retirement accounts, investments, business interests, and personal property, as well as debts incurred by either spouse.
At Conway Schadler, our Greater Philadelphia divorce lawyers will help you understand what may be considered marital property and how the court may divide it during the divorce process.
Real Estate and the Family Home
Real estate purchased during the marriage, including the marital home or family home, is subject to equitable division in a Pennsylvania divorce. Because property can gain value over time, even real estate acquired before the marriage may be partially considered marital property if its value increased during the marriage. In those cases, both spouses are entitled to share in that increase.
If both you and your spouse have a claim to the home, our family law attorneys at Conway Schadler can guide you through your options. You may agree to sell the property and divide the proceeds, or one spouse may choose a buyout, purchasing the other partner’s share of the equity. Whether you’re selling the home or arranging a buyout, our legal team can help you negotiate terms that result in a fair distribution.
Retirement Accounts and Pensions
Retirement accounts and pensions may be treated as both marital and non-marital property in a Pennsylvania divorce. Contributions made to a 401(k), IRA, pension, or similar account before the marriage generally remain the sole property of the contributing spouse. However, any contributions made during the marriage are considered marital property and belong to both spouses.
Because most retirement plans have penalties for early withdrawals, the court can issue a Qualified Domestic Relations Order (QDRO) to divide retirement benefits without triggering those penalties. This order also allows the receiving spouse to avoid paying income tax on their share, as long as the funds are transferred directly into their own retirement account.
Business Ownership and Investments
A business or professional practice started during the marriage is considered marital property, even if only one spouse managed or worked in it. Investments made during the marriage are also shared property. If a business existed before the marriage but continued to operate during it, both spouses may have a right to any increase in its value or investment growth over the course of the marriage. This includes family-owned businesses.
When dividing a business, the court looks at its total value, including tangible assets, intangible assets, and liabilities. Judges also consider each spouse’s role in acquiring, running, or growing the business, whether through direct work or supportive contributions.
After a divorce, spouses may agree to co-own the business, sell it and divide the proceeds, or arrange for one party to retain ownership by buying out the other spouse’s share. In some cases, the value of one spouse’s interest in the business can be offset with other marital assets as part of the overall property division.
Personal Property, Other Assets, and Debts
Marital property includes any personal property acquired during the marriage, such as vehicles, valuables, and household items. However, there are exceptions. Property listed in a premarital agreement, gifts given to one spouse, and inheritances received by one spouse are generally excluded.
Debts incurred during the marriage are also considered marital property, even if the account or loan is only in one spouse’s name. Certain debts may be excluded from division, such as those related to illegal purchases, gambling losses, or expenses incurred during an affair.
High-Asset Divorce and Complex Property Division
High-net-worth divorces often involve complex property division issues, making it important to work with a knowledgeable property division lawyer. Couples with significant wealth frequently own substantial assets that are more challenging to divide, such as stocks, bonds, investment portfolios, and other high-value holdings.
Some items, like fine art or jewelry, may also carry strong sentimental value, making the division process even more sensitive. Determining how to fairly divide these assets can take time, but the Greater Philadelphia high-asset divorce lawyers at Conway Schadler work to keep proceedings efficient while striving for a fair distribution.
Certain circumstances can further complicate matters, such as when one spouse attempts to hide assets to avoid equitable division. In these situations, Pennsylvania property division lawyers can collaborate with financial experts and forensic accountants to uncover hidden property during the discovery process and protect your rights.
How Our Greater Philadelphia Divorce Lawyers Can Help You Navigate Asset Division
Dividing marital property can be stressful, even in amicable situations. At Conway Schadler, our Greater Philadelphia, PA divorce attorneys work to ease that burden by providing reliable and knowledgeable legal guidance.
We understand that divorce can be emotionally and mentally exhausting. That’s why we provide each client with personalized attention, tailoring our approach to their specific goals. Using our extensive legal experience and understanding of Pennsylvania family law, we help you make informed decisions at every stage of the divorce process.
Greater Philadelphia Property Division FAQs
Is Pennsylvania a Community Property State?
No, Pennsylvania is not a community property state. Pennsylvania is an equitable distribution state where courts distribute marital property in an equitable manner.
What is Equitable Division of Marital Property?
Equitable division of marital property is the process Pennsylvania courts use to divide assets and debts from a marriage in a way that is fair, but not necessarily equal. Judges will consider various factors when determining how to divide marital property.
Are Separate Bank Accounts Marital Property?
Separate bank accounts that were opened before marriage belong solely to the individual who opened the account. However, any savings a couple accrues during marriage are considered marital property, whether it is deposited in a separate or joint account.
How Are Debts Acquired Before Marriage Divided?
Debts acquired before a marriage are typically considered separate property. These debts remain the sole property of the individual who acquired the debt.
When Does Inheritance Become Marital Property?
While inheritance left to one person is generally not considered marital property, it can become marital property under certain circumstances. For example, if inheritance funds are co-mingled with joint funds or used to purchase something for both spouses, those funds become marital property.
Contact Conway Schadler to Schedule a Free Consultation with a Greater Philadelphia Property Division Lawyer Today
If you are facing a Pennsylvania divorce, the family law attorneys at Conway Schadler can guide you through the property division process and other complex legal matters. Our Greater Philadelphia property division lawyers provide personalized attention, clear guidance, and skilled representation to help you reach a fair distribution of your assets and debts.
Call Conway Schadler today at (484) 997-2040 or contact us online to schedule a confidential consultation with one of our experienced property division lawyers and start making informed decisions about your future.
