In Pennsylvania, property division is a part of the divorce process that is managed through the divorce agreement. Whenever possible, the couple can review their assets and make decisions about who receives each item. If a divorce trial is needed, the judge divides the property. A property division lawyer in University Park can provide further insight into how assets are managed.
The Marital Home
The marital home is the first asset that is awarded to one or both parties. Some parents decide to share the marital home on alternating weeks to keep the child inside their home. However, most couples don’t utilize this arrangement. The standard assignment presents one party with the home, or the couple sells it and splits the proceeds.
Assets Inside the Home and Automobiles
All assets inside the home are divided equally based on individual values. The divorce agreement itemizes all assets owned by the couple and identifies which party receives the asset. The automobiles are awarded according to the divorce agreement. When necessary, the titles are transferred to the new owner.
Pension and Retirement Plans
Couples who have been married a long time have stock in pension and retirement plans. The divorce agreement identifies what portion of the plans each party receives after retirement. If either party is in the military, their spouse receives a portion of their retirement plans and benefits after the divorce.
Monetary Assets Accumulated During the Marriage
All monetary assets are divided equally in most cases. However, any funds that were inherited from a family member remain with the heir. All bank accounts and cash on hand are divided according to local divorce laws. After the divorce is finalized, any monetary assets in each party’s possession are theirs. Any failure to comply with the divorce agreement is managed through a separate claim.
Property division must be equal and fair. Each party must receive an equal portion of all real estate, investments, and retirement plans in a divorce. A local attorney can explain how the assets are divided according to the state divorce laws. Couples who need assistance can contact a property division lawyer in University Park or visit us right now at Orsinger, Nelson, Downing, and Anderson, LLP.
