division of assets

[Katherine7]

What is the name of your state (only U.S. law)? PA.

In PA what is the usual way assets are divided by the courts when a couple have been married eight years. Is it based on a percentage? There are no children involved and both parties brought assets into the marriage and both worked during the marriage.

Thank you,

Kate
.

 

[Bali Hai]

What is the name of your state (only U.S. law)? PA.

In PA what is the usual way assets are divided by the courts when a couple have been married eight years. Is it based on a percentage? There are no children involved and both parties brought assets into the marriage and both worked during the marriage.

Thank you,

Kate
.

The fair way would be 50:50.

 

[LdiJ]

What is the name of your state (only U.S. law)? PA.

In PA what is the usual way assets are divided by the courts when a couple have been married eight years. Is it based on a percentage? There are no children involved and both parties brought assets into the marriage and both worked during the marriage.

Thank you,

Kate
.

Premarital assets, as long as they have not be so co-mingled with marital assets that they are no longer identifiable, are separate property.

Assets that accrued during the marriage (unless paid for 100% by separate property) are divisible on generally a 50/50 basis.

Example: You own a home with 50k of equity when you married. The home now has 80k of equity. 30k is marital property.

Example: Your spouse has a 401k with 100k in it when you got married. It now has 150k in it. 50k is marital property.

Example: Each of you had savings accounts with money in them. Whatever got added during your marriage is marital property.

That is a simplistic explanation, but it should give you a good idea of how things work.

 

[single317dad]

Pennsylvania is an equitable distribution state, so marital assets and liabilities will be divided fairly, which may not necessarily mean equally.

Some of the factors that the court considers in equitable distribution include:
the length of the marriage
whether either spouse was married previously
whether either spouse has significant non-marital assets, including assets excluded by a prenuptial agreement
the spouses’ ages, health, and income(s)
whether either spouse contributed to the other's increased earning potential (how much income a person could earn based on education, job skills, and work history)
the standard of living established during the marriage
the tax consequences of any award, and
whether either spouse will be serving as the custodian of any minor children.

If you and your spouse can agree on property division, then those criteria may not really matter. If you can't, then the judge (possibly with the help of a mediator) will divide property for you. How, exactly, that will be done (other than the ambiguous requirement "fairly") is anyone's guess.

PA also recognizes fault-based divorces, though not for property division purposes, but alimony can be affected.