A divorce can ruin someone’s financial future if they do not make smart decisions during the property settlement. Even though Pennsylvania uses an equitable distribution of assets in a divorce, it does not mean that each party will end up with 50% of the assets. A property division lawyer in Bethlehem, PA knows how work with the law and obtain the best settlement possible for their client.
What Is a Marital Asset?
A martial asset is all property a couple acquired during their marriage. It does not matter who holds the title to it or who the owner of it is. A house, cash, insurance, cars and pensions are a short list of items that could be included in a property settlement. Assets that are acquired by inheritance are exempt from the marital property in many cases. If the money from the inheritance was used to purchase an asset that helps to support the couple, it could be included as part of the marital property.
Why Is an Attorney Necessary?
Even if a couple can agree on how their assets will be divided, each party should still have a property division lawyer in Bethlehem, PA review the agreement. Poor wording in an agreement can cause problems in the future. A couple will need to have a property settlement agreement to finalize their divorce decree.
What Is Separate Marital Property?
The separate property belongs to one of the individuals involved in a divorce. It also includes any property that was acquired before the marriage and was paid in full. Any property that was acquired after the couple separated or was excluded because of a prenuptial or postnuptial agreement will not be included as part of the property settlement.
It is never recommended that an individual attempt to go through the divorce and property settlement process without the assistance of an experienced attorney. There is no need to increase your stress and risk losing assets during a divorce when a property division lawyer can help. A property division lawyer will remain with you throughout the process. Please feel free to contact us to discuss your case.