Divorcing from your spouse can be a hard process, but getting back on your feet afterward can be just as difficult. You’re entitled to a piece of your shared property pie, but you’ll want to make sure you’re getting a fair slice.
When you file for divorce in Pennsylvania, one of the keys steps is dividing your shared assets. The more you have on the table, the more complicated the process is likely going to be. It can be crucial to know how it all works to make sure you get what should be coming to you.
There are usually three main steps to dealing with property:
- Categorize: All your assets will likely need to be set before the court during discovery. The courts will usually then classify marital or non-marital property, generally depending on when you acquired it. But where it falls on the timeline isn’t an absolute rule, and commingling can bring otherwise separate assets into the marital realm.
- Value: Once you have presented all your assets, the courts will generally try to determine what everything is worth. This is usually done according to the fair market value for property, and current value for financial accounts.
- Divide: Once everything has a price tag, the courts can begin to consider the actual division. The court can take a large breadth of things into account when deciding who gets what, like the length of your marriage, your ability to earn income and the standard of living you enjoyed. This can also include the court placing liens, awarding your family home and directing insurance policies.
Know the process and understand what counts. This could make the difference between leaving the process satisfied and eyeing the portions heading in the other direction.