Capable West Chester Attorneys Advocate for Your Interests During Asset Division
Pennsylvania family lawyers work to get fair outcomes for divorcing clients
At McCallin Law, LLC in West Chester, our attorneys assist clients throughout Chester County, Pennsylvania with the asset division process. We will support you in negotiating a fair division of assets directly with your spouse. If direct negotiations are not possible and the court must make the decision on how to divide your assets, we will strongly advocate for your rights and interests.
Equitable division of property in Pennsylvania
When the Pennsylvania court divides property, they divide it in a way that they deem equitable to both parties. This will not always result in a 50/50 split. Some of the factors the court looks at when making their decision include the following:
- The length of the marriage
- The age and health of each spouse
- Each spouse’s financial circumstances and employability
- How both spouses contributed to increasing or reducing marital assets
- Whether one spouse supported the other in getting an education to increase their earning power
- Contributions as a homemaker
We will work to ensure the judge clearly understands all the factors of your situation in order to try and achieve the best possible outcome based on your needs and goals.
Marital assets versus separate assets
Only marital assets are subject to division. Marital assets are assets that you gained during your marriage and before you separated with the intent to divorce. Separate assets are generally property you already had before marrying, such as gifts or an inheritance. Assets protected by legally valid prenuptial and postnuptial agreements also fall under this category. Our family law firm can help you prove to the court which assets are your separate property and argue on your behalf if disputes arise over your own or your spouse’s separate property claims.
Division of complex assets
There are some types of assets that demand special attention during the equitable distribution process and are more difficult to divide. For example, qualified retirement accounts, such as 401(k)s and certain pensions, require a Qualified Domestic Relations Order (QDRO) in order to prevent adverse tax consequences. Also, one or both spouses may have investment portfolios and/or deferred compensation packages, each possibly containing complex assets such as restricted stock options and limited partnership interests. In such cases, financial experts may be needed to assist with valuations that are essential to defining and dividing these property interests. We can advise you about the necessary steps to dividing complex assets and identify professionals to assist in this undertaking.
Who gets the family home in divorce?
Like all marital asset division considerations, who gets to keep the family home depends on the situation. In some divorces, the court will order that the home be sold and the parties divide the net proceeds. If one spouse wants to keep the home, the judge may award assets to the other spouse that are equal or nearly equal to their share of equity in the home. If your goal is to keep the family home and you are in a financial situation to do so, we will work with you to try to identify other assets that may be awarded to your spouse in exchange for keeping the home or connect you with individuals to assist with a refinance.
Contact our experienced and knowledgeable family law attorneys in West Chester
At McCallin Law, LLC in West Chester, our family law attorneys have over four decades of combined experience assisting Pennsylvanian clients in dividing assets during divorce. Call our firm at 610-880-8400 or contact us online to schedule a consultation.