Allentown, Bethlehem & Easton, PA Asset Division & Divorce Lawyers / Attorneys
Equitable distribution of assets and debts in a divorce
One of the more complicated pieces of the divorce puzzle is determining how to divide and distribute the assets accumulated during the marriage. The Allentown family law attorneys at Saltzman & Gordon will work tirelessly towards your best interests being achieved through the asset division process. More often than not, the division of the house, money, retirement accounts, saving accounts and other possessions is determined by an agreement reached with you and your spouse.
Asset Protection through Divorce Attorneys serving Lehigh, Northampton & Surrounding Counties
Pennsylvania family law requires that assets are divided based on an equitable distribution, but that does not necessarily mean that everything is split down the middle. There are a variety of factors considered when determining how assets will be divided in a divorce, the include, but are not limited to:
- How Long You and Your Spouse Were Married
- Whether it is your first marriage or you (or your spouse) was married previously
- Whether either spouse has significant non-marital assets, including assets excluded by a prenuptial agreement
- The ages, health and incomes of each spouse
- Whether either spouse made an investment in or contribution to the other spouse's earning potential (supported them through college, etc)
- The standard of living established during the marriage
- The tax consequences of any award
- Whether either spouse will be serving as the custodian of any minor children
When dividing assets after a divorce, there is no hard and fast formula that applies to every situation. Each divorce is unique, and the division of assets is handled on an individual basis. That is why it is so important to have an experienced Allentown divorce and asset division lawyer working to protect your best interests.
The first step to handling the asset division is to do a full accounting of what is owned, and owed by the couple. The value of the house and how much of a mortgage is outstanding, retirement accounts, savings, cash on hand, investments and valuable possessions must all be cataloged to ensure there are no hidden assets and that both spouses have a firm understanding of what is being split.
The division of assets during a divorce can be a difficult and complex process, make sure you have an experienced lawyer working for you. The outcome of the asset division process can have a dramatic impact on your life for years to come. Do not make the mistake of being 'penny wise and pound foolish'; contact the effective divorce lawyers at Saltzman & Gordon today.