Equitable Distribution

Equitable Distribution in Cranberry Township, PA

Equitable distribution describes the process in which marital assets and debts are divided during divorce proceedings. It is important to note that not all assets and debts are considered marital. Assets and debts acquired prior to entering into the marriage, if spouses cannot agree on the division of their marital assets and debts, the decision will be turned over to the court. Depending on the situation, it may be more beneficial to attempt an out of court negotiation to distribute the assets and debts.
Pennsylvania is an equitable distribution state and not a community property state; as a result, the courts divide marital assets and debts on the basis of what it believes to be fair using principles of equity. This does not mean that the court will divide assets and debts on an equal basis. In Pennsylvania, the courts use a variety of factors to determine equity. These factors are not weighed equally. This allows the court to consider the financial situation of both spouses with flexibility; however, it makes predicting the outcome of the equitable distribution process much more difficult. Some of the factors the court may consider during equitable distribution include: length of marriage, previous marriages, non-marital assets, health, age, income, contribution to increased earning potential of the other party, standard of living, tax consequences of any award, and custody of minor children. It is important to note that fault of a spouse for the demise of the marriage is not considered in the equitable distribution process.
Divorce papers - Myers Law Group in Warrendale PA

Marriage Settlement Agreements

As a result of the uncertainty of the equitable distribution process, many parties will successfully negotiate a settlement of the outstanding issues. If they are able to come to an agreement on things such as property division, spousal support, and custody either between themselves or with the help of an attorney, the parties can memorialize the agreement in a marriage settlement agreement. A marriage settlement agreement is a contract between the spouses that divides the marital estate and resolves other divorce related issues. Once signed, a marriage settlement agreement is a legal document that can be enforced should a spouse fail to comply with the terms of the agreement. It is possible to set aside or have the court modify a marriage settlement agreement; however this is available in only a few circumstances. It should be noted however, that child support and custody are generally subject to modification.

If you are separated or are considering obtaining a divorce and would like to know more about equitable distribution or would like to set up an initial consultation at the Myers Law Group, LLC, call 724-778-8800 or email Jeffrey@jpmyerslaw.com.
Share by: