How is marital property divided in Pennsylvania?
How is marital property divided in Pennsylvania?
In Pennsylvania, only the marital property will be divided. The court presumes that any property you acquire during marriage is marital property, regardless of what title says. If you want to keep an asset out of the division, then you will have to show the court why it should be characterized as non-marital property.
Is Pennsylvania a marital property state?
Is Pennsylvania a Community Property State? No. Pennsylvania divides marital property under the theory of “equitable distribution”.
What is excluded from marital property?
State Laws In community property states, the law recognizes that property that was earned or acquired during the marriage is property that is jointly and equally owned by both spouses. In equitable distribution states, premarital property, gifts and inheritances are usually excluded from division.
Is my husband entitled to half my house if it’s in my name?
Your spouse is not entitled to half of the house simply because he or she made payments on the mortgage principle. Your spouse is entitled to a reimbursement for half of the principle pay down during the marriage (i.e. date of marriage to date of separation).
What counts as marital property?
What is Considered Marital Property in a Divorce? For example, if you and your spouse bought a house together and continually paid a joint mortgage, the house would be considered to be marital property. Likewise, any debts accrued together are considered joint property debts.
Are separate bank accounts marital property?
Are Separate Bank Accounts Marital Property? In most states, money in separate bank accounts is considered marital property, or property acquired during a marriage. About 10 states operate under community property laws, meaning that any property — money, cars, houses, etc.
What assets are considered marital assets?
In identifying marital assets, a party to a divorce action should consider the following: real estate ownership, automobiles and motorcycles, non-titled personal property (household contents, collectibles, jewelry, artwork, antiques), bank or credit union accounts; stocks, bonds, mutual funds, money market accounts and …
What are examples of marital property?
Marital property is any asset acquired by either spouse before or during the marriage….Some examples of marital property include:
- Income.
- Houses and other real estate.
- Cars.
- Furniture.
- Retirement and pension accounts.
- Collectible items.
Is my wife entitled to half my house?
Can my wife/husband take my house in a divorce/dissolution? Whether or not you contributed equally to the purchase of your house or not, or one or both of your names are on the deeds, you are both entitled to stay in your home until you make an agreement between yourselves or the court comes to a decision.
When is a property considered a marital home?
If the property has a legal title, such as a car or boat, and it was purchased during the marriage, it will generally be considered marital property even if only one spouse’s name is on the title. The general rule for dividing personal property is to allow each person to set up a separate home.
Is an inheritance considered marital property in Pennsylvania?
Pennsylvania marital property laws include exceptions to the general rule regarding marital property. Property acquired by inheritance, including inherited money, falls under one of the exceptions — accordingly, inherited property might be one spouse’s nonmarital property and remain protected from property division during divorce.
What is a marital asset in Pennsylvania?
Marital Assets or Marital Property in Pennsylvania. Marital assets include property and income acquired during the marriage. A home,business started by both or one of the spouses during the marriage, furniture, retirement accounts, other investments and motor vehicles purchased during the marriage are examples of marital assets.
What is considered marital assets?
Marital assets refers to all property acquired during the course of the marriage, regardless of ownership or who holds the title to it. Examples of marital assets may include, among others, house(s), cash, stocks, bonds, cars, pensions, and insurance.
