When a divorce occurs, the court must determine equitable distribution of marital property. Attorney Jack A. Rounick in Norristown, PA helps individuals in determining what is marital (or “community” property) and what is considered “separate” or “personal” property.
Marital property is considered anything that was acquired during the marriage. This may include the house, bank accounts, and even credit card debt. As long as it occurred during the time of marriage, it is considered marital property and must be split as equitably as possible between both spouses. Separate property includes anything owned before the marriage occurred, anything earned or acquired after the legal separation date, and anything received by the spouse as a gift or inheritance during the marriage. Any gifts received during the marriage may also be considered separate property, as well as engagement and wedding rings. Any increase in value from date of marriage or acquisition post-marriage to date of separation is considered marital.
Attorney Jack A. Rounick of Southeastern, PA believes in ensuring his clients protect their assets in the best possible way to ensure proper distribution of what is truly separate and what is marital. He can help the judge in determining what is appropriate in terms of distribution by laying out documentation and any information necessary to prove property is separate. Physical evidence may be obtained including receipts and paperwork which may prove ownership.
It is best that husband and wife do not comingle separate property as this can make it marital property. For example, a home which is owned before marriage during which one spouse allows the other to be added to the title and the other spouse helps contribute payments to the house. This may now become marital property. This can also happen with retirement accounts and money which is mixed into joint accounts.
Individuals in Southeastern, PA can consult with Attorney Jack A. Rounick to learn more about the court system and how they determine equitable distribution of marital and separate property. Take the time to speak to a legal professional today to educate yourself on how to protect separate assets from being considered as marital property.