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Here, we share our thoughts on topics of interest to our clients. The blog posting will be focused on Family Law issues relating to Divorce, Custody, Support and other aspects that are of interest for anyone needing a Family Law attorney.
Originally published in the 422 Business Adviser, and written by Kristen Doleva-Lecher
By: Kristen Doleva-Lecher
September 28, 2015
Pennsylvania is an equitable distribution state when it comes to splitting up marital assets in a divorce. Equitable distribution does not mean a 50-50 split but, rather, it mandates a fair division of marital property. Marital property includes joint assets and joint debts. A marital asset is defined by statute as: “all property acquired by either party during the marriage and the increase in value of any non-marital property…” 23 Pa.C.S. §3501(a). Marital property includes all property acquired even if it is only held in one partner’s name. The same holds true in regard to marital debt; just because the debt is in one partner’s name does not mean it is not marital debt.
Read the full article here.
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