In a Pennsylvania divorce, either the court orders or the spouses agree to divide all marital property equitably. An “equitable division of marital property” does not necessarily require an equal 50%/50% division. How marital property is divided depends on the specific facts and circumstances of each particular case.
How MFDD Can Help You Survive Divorce
Divorce is one of the most stressful experiences you may ever be forced to endure. We will use this space to discuss divorce-related issues in addition to marital property; issues like child custody, child support, and alimony which confront virtually all of our clients. We will discuss how MFDD’s family law attorneys utilize our experience and knowledge to help guide you through these legal minefields.
You owe it to yourself and, in many cases, your children who are dependent upon you, to obtain the best results possible in equitable distribution of marital property and in all other divorce-related issues.
Experienced Family Law Attorneys
MFDD’s experienced family law attorneys know what property is marital property and how our Lehigh Valley area courts are likely to equitably distribute such property between the spouses. Armed with this knowledge, MFDD’s clients are very often able to achieve excellent equitable property division results through settlement without having to go through lengthy, expensive, and nerve-wracking court hearings and trials.
A divorcing spouse needs to understand that all assets acquired during the marriage – with very few and specific exceptions – are considered under Pennsylvania Law to be marital property which the spouses equitably divide.
It rarely matters how the asset is titled. For example, through employment during the marriage, one spouse may have a 401(k) titled in his or her name alone. However, since this asset was earned during the marriage, it is considered marital property to be equitably distributed to both spouses. Marital property includes all types of assets:
Retirement accounts such as 401(k)s, pensions and IRAs are types of deferred compensation that are considered marital property if they are earned or accumulated during the marriage. MFDD’s family law attorneys have experience in obtaining marital values for all kinds of retirement accounts and in helping our clients receive these benefits – without suffering immediate income tax loses – through the use of QDROs (qualified domestic relations orders) sanctioned by the Internal Revenue Code.
Bank accounts, including checking, savings, money market and CDs (certificates of deposit), are generally considered marital property if earned or acquired during the marriage. We assist our clients in gathering all the necessary financial statements to make sure these assets are fully valued for equitable distribution. This assistance is particularly essential to those spouses who have not concerned themselves with managing these financial assets during marriage.
Investment accounts, typically consisting of stocks, bonds, and/or mutual funds, are also marital property in most instances if earned or acquired during marriage. We are able to assist in obtaining the information and documentation necessary to provide our clients with the full and fair value of these accounts in equitable distribution.
Marital homes, vacation homes, rental properties, and investments in other real estate owned by either or both spouses during marriage are generally marital property subject to equitable distribution. MFDD’s family law attorneys assist our clients to obtain fair market appraisals of this real estate to ensure the best possible financial outcomes in equitable distribution.
Ownership interests in businesses including family businesses
If one or both spouses own or have an ownership interest in a business, the value of the business or the ownership interest in the business is marital property subject to equitable distribution. MFDD’s family law attorneys are experienced in obtaining business valuations to ensure our clients receive full value for this marital asset in equitable distribution.
Do not hesitate to call to meet and consult with a knowledgeable, experienced MFDD family law attorney before you make even one uninformed decision. Contact us using the form at the right, or call 610.882.9800.