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                        |  | Equitable Distribution
(For information other than that set forth below, please contact Pittsburgh divorce lawyer and Pennsylvania family law attorney, Bethany L. Notaro, Esquire.) EQUITABLE DISTRIBUTION Equitable distribution is a legal term for the manner in which marital assets and debts are divided in Pennsylvania. If parties are not able to determine how to divide their assets outside of Court using a Separation Agreement, they can choose to let the Court decide how their property will be divided, usually at trial. If this is the route a party chooses, the Court will apply statutory factors in determining equitable distribution. A party’s separate or nonmarital property is generally not divided by the Courts during Equitable Distribution. The property will remain with the spouse who acquired it before the marriage or during the marriage as a gift, bequest, or inheritance. However, a factor in the overall equitable distribution may be the amount of separate property a party has. When parties elect to go through equitable distribution, the Courts will look at their total marital assets and debts, such as the amount of income, homes, retirement accounts, mortgages, credit account balances, and vehicles. Even if the property is only in one spouse’s name, it is still generally considered marital property if it was acquired during the course of the marriage. Under Pennsylvania law, some of the factors a Court considers during equitable distribution include the length of the marriage, prior marriages of either party, age and health of a party, contribution to the education or increased earning potential of the other party, sources of income of both parties, contribution towards marital property, value of the property to each party, standard of living, economic circumstances of each party, and whether either party will be serving as custodian of any dependent children. Equitable distribution is not the only option available during a divorce. A Settlement Agreement allows parties to determine how they want to divide assets and debts without leaving it in the hands of the Court system. A Marriage Settlement Agreement is a contract between the two parties that determines the breakdown of property and debts as well as the resolution of other issues including alimony, child support, child custody, and counsel fees. The Pittsburgh divorce attorneys of Notaro & Associates, P.C. are able to guide you through the process of Equitable Distribution as well as advise you on issues regarding drafting a Marriage Settlement Agreement. To learn more about Pennsylvania equitable distribution law or Marriage Settlement Agreements or to set up a FREE INITIAL CONSULTATION, please contact our office. Notaro & Associates, P.C. | |
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Divorce Attorney in Southwestern Pennsylvania