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Marital property is defined as property acquired between the date of the marriage and the date of separation. Marital property does not include inheritances and gifts (unless from spouse). Marital property will be equitably divided upon divorce. Equitable means "fair", not "equal" or "even". The court must, by statute, consider a number of factors, including, but not limited to, the length of the marriage, the health and income of the parties, the likelihood of each party acquiring similar assets, the contribution of the parties toward the acquisition of the asset and a number of other factors. The court may consider any factor that is relevant to a fair and just distribution of the property. Liabilities are also equitably distributed. The court may not consider fault in the equitable distribution of marital property. Marital misconduct may not be a factor according to the statute, but several cases imply that marital misconduct might be a factor in some circumstances, e.g., dissipation of assets. Generally, it is preferable to value capital assets such as real property and stock at the date of distribution. Professional businesses are typically valued at date of separation. A professional or other degree is not marital property. Pensions are usually valued and divided by calculating the percentage of marriage time to the total time of acquisition of the pension. However, as stated, the court must consider all factors in deciding a fair distribution. Pension distribution or shares can be negotiated like any other marital property. Pensions may, by entry of a Qualified Domestic Relations Order, be distributable at the time the benefits are paid. However, the court prefers to end the contact between the parties and tries to award greater shares of other assets to offset claims on the pension. Even alimony, by agreement, or otherwise, may be a tool to help offset pension claims. There are numerous cases giving guidance with regard to specific questions such as military pensions, deferred benefits, stock options, defined benefit plans, and the list goes on, and so does the litigation. Property and equitable distribution are what contested divorces are generally about. |
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Property Division |
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John Wendell Beavers & Associates, P.C., a Pennsylvania Professional Corporation |
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John Wendell Beavers, Esq. John Wendell Beavers & Associates, P.C. (a professional corporation) 1518 Walnut Street, Suite 800 Philadelphia, PA 19102 Phone: 1-215-732-0600 Office Email: trial.lawyer@verizon.net Home Email: jwbesq@comcast.net |