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.