One of the most challenging aspects of any divorce is when it comes time to divide all marital property between the two spouses. While some couples can resolve this matter on their own, others need a judge to decide for them. If you require the services of an experienced Pennsylvania divorce and family law attorney that can fight on your behalf to protect your assets in a divorce, contact Ilkhanoff & Silverstein today. Additionally, it is well worth noting that our firm generally encourages couples to first hire a divorce mediator before entering the litigation process. Through mediation, you may reach a fair agreement regarding the distribution of your assets outside of the courtroom setting. To learn more about the process, read on and reach out to our experienced divorce mediation attorneys today.
Equitable Distribution in Pennsylvania
If you are going through a Pennsylvania divorce, you and your spouse will need to work out a fair and equitable distribution of any property accumulated during your marriage. Equitable distribution simply means that all property acquired during the course of the marriage will be divided in a fair and just way. It is important to be aware that equitable distribution does not necessarily mean that the court will divide the property equally.
Some of the marital property that can be included in the equitable distribution process may include, but is not limited to the following:
- Real property
- Investment property
- Rental property
- Retirement savings
- Stocks and bonds
- Mutual funds
- Bank accounts
- A business or partnership
The task of dividing assets can quickly become contentious, and oftentimes requires the assistance of a recognized York divorce lawyer. A seasoned attorney with divorce case experience can provide valuable guidance in cataloging the assets, determining their value and how they should be distributed.
Factors Considered in Dividing Assets
When a couple can’t work out agreements on how assets should be distributed, the matter is resolved by the court. A judge will look at several factors when deciding how property will be divided, some of which include the following:
- The duration of the marriage
- The health and age of each spouse
- The standard of living established during the marriage
- The contributions made to the marriage by each spouse
- Each spouse’s income and personal property
- The future earning potentials of each spouse
- Tax obligations
- Where minor children will reside
Property excluded from distribution includes gifts received from a third party and inheritances. If the property cannot be transferred from one spouse to another, the court may order monetary compensation instead. Attorneys at our firm can help mediate asset distribution with your spouse, as well as provide effective representation at your divorce hearing. We are former directors of the family law section of the York County Bar Association and are highly knowledgeable in divorce laws and how to fairly divide assets.
Mediating the Property Distribution Process
If you are facing divorce in Pennsylvania and the property distribution process is contested, it may be a good idea to consider mediation. A mediated divorce can allow both parties to peacefully talk through the property distribution process and use communication and understanding to resolve the matter. Mediation can be utilized, not only for the division of assets but also for all other unresolved matters of your divorce. Mediation allows divorcing parties the opportunity to have a peaceful divorce outside of the courtroom, which is also often much less expensive, less time consuming, and allows the parties to take control over their future. The attorneys at Ilkhanoff & Silverstein are here to guide you through every step of the mediation process. Contact our experienced mediation attorneys today to learn how we can help.
Property Division Lawyer in Pennsylvania
Ilkhanoff & Silverstein is an established family law firm that has helped many clients with property distribution during a divorce. Any assets acquired during a marriage are typically considered marital property. Under state law, these assets must be fairly divided when a couple divorces. Attorneys at our firm can review your financial portfolio and help determine which assets will need to be distributed.
We also have the knowledge and resources to ensure that the property is correctly valued and equitably divided. Whether the court will adjudicate the distribution of property, or you are seeking to do so with the help of an experienced divorce mediator, you can depend on our firm to provide the strong legal representation you deserve. Contact a York property division lawyer at Ilkhanoff & Silverstein if you are seeking experienced legal counsel to assist you through the equitable distribution process.