Attorney in Southeastern, Pennsylvania explains how breaking marital contracts leads to division of property

Marriages are legal contracts so there must be acceptable grounds, or reasons, for breaking them. The Commonwealth of Pennsylvania recognizes both fault and no-fault divorce. Regardless of the grounds for divorce, spouses may need to go through the process of equitable distribution. This means they divide marital assets and debts. In Pennsylvania, property is characterized as separate property (belonging to one spouse) or marital property (acquired during the marriage by the couple). Since the division of property can become complicated and involve various emotions, couples turn to the expertise of Attorney Jack A. Rounick in Southeastern, PA with offices in Norristown.

Separate property

A spouse may have paid off a car before getting married, which is considered property acquired before marriage. This is one example of separate property. Inheritances and gifts received during marriage and property acquired after separation fall into this category of property. Separate property is also property excluded from the marital estate by a valid prenuptial or postnuptial agreement. It is important to keep in mind if separate property increases in value during the marriage, the increase in value could be considered a marital asset.

Marital property

Income and assets acquired during the marriage are presumed marital property. This can include a business, house, retirement accounts, investments, art, furniture, and cars purchased or established during marriage. For example, even if the car was purchased under the name of one spouse during marriage, it is generally considered a part of the marital estate.

Marital debts

Debts must also be divided. A debt is considered “marital” if it was incurred after the date of marriage or before the date of final separation. These debts include mortgages, loans, tax obligations, and credit card balances. Even if one spouse incurred the credit card debt during the marriage, both spouses will be liable for payments. This can often cause contention as spouses go through the divorce process.

Finding peace of mind

There is no need to fret about the legal proceedings of a divorce. Let a nationally prominent and highly sought after attorney work through all the finite details with you and on your behalf. Schedule a consultation with Attorney Jack A. Rounick today by calling his friendly and knowledgeable team at 484-684-6055.