What assets are marital property in Pennsylvania?
What assets are marital property in Pennsylvania?
Assets acquired before and within the marriage are a source of conflict in Pennsylvania divorce. Knowing that important assets are considered marital property under the Pennsylvania Divorce Code goes a long way toward obtaining a successful divorce.
Therefore, here we will see everything about how to know what assets are included in the division of the assets of the divorce.
What is marital property in Pennsylvania?
• In Pennsylvania marital property This is any property acquired by either party during the marriage.
• In Pennsylvania it is the increase in the value of any non-marital property acquired pursuant to paragraphs (1) and (3)
What properties are not considered marital property in Pennsylvania?
In Pennsylvania, the properties that are not marital property are as follows:
(1) Property acquired before marriage or property acquired within marriage, but in exchange for property acquired before marriage.
Example, you bought a house before you got married, or you bought a house within the marriage, but with the money from the sale of the house that you bought before marriage.
(2) Property excluded by valid agreement of the parties entered into before, during or after the marriage.
Example, you agreed with your spouse that the house is not considered marital property.
(3) Property acquired by donation, except between spouses, legacy, legacy or descendants or property acquired in exchange for said property.
Example; your mother gave you a house, or you received an inheritance.
(4) Assets acquired after the final separation up to the date of the divorce, except assets acquired in exchange for marital property.
Example, you bought a house when your spouse had already separated from you
. (5) Property that a party has sold, granted, transferred or otherwise disposed of in good faith and for value prior to the date of final separation.
(6) Veterans benefits exempt from garnishment, seizure, or seizure pursuant to the law of September 2, 1958 (Public Law 85-857, 72 Stat. 1229), as amended, except benefits received by a veteran when the veteran He has given up a portion of his military retirement pay to receive veterans' compensation.
(7) Property to the extent that the property has been mortgaged or encumbered in good faith for its value before the date of final separation.
(8) Any payment received as a result of an award or settlement for any cause of action or claim that accrued before the marriage or after the date of final separation, regardless of when the payment was received.
Is it necessary to prove that the property is marital property in Pennsylvania?
In Pennsylvania it is not necessary to show that the property is marital property. Because all movable or immovable property acquired by either party during the marriage is presumed to be marital property, regardless of whether the title is held individually or by the parties in some form of joint ownership.
Who must show that the property is not marital property in Pennsylvania?
The spouse who believes that any property should not be considered marital property must prove that such property is one of the properties that is not considered marital property.
How are Defined Benefit Retirement Plans viewed?
(1) In the event that the marital portion of a defined benefit retirement plan is distributed through a deferred distribution, the defined benefit plan will be distributed between its marital and non-marital portions only through the use of a coverage fraction. The denominator of the coverage fraction will be the number of months that the employed spouse worked to obtain the full benefit and the numerator will be the number of months during which the parties were married and did not finally separate. The benefit to which the coverage fraction applies will include all post-separation improvements, except for improvements arising from monetary contributions subsequent to separation made by the employee's spouse, including the gain or loss of contributions made.
(2) In the event that the marital portion of a defined benefit retirement plan is distributed through immediate compensation, the defined benefit plan will be distributed between its marital and non-marital portions only by using a fraction of coverage. The denominator of the coverage fraction will be the number of months that the employee's spouse worked to earn the accrued benefit on a date as close to the time of the trial as is reasonably possible and the numerator will be the number of those months during which the parties were married and not finally separated. The benefit to which the coverage fraction applies will include all post-separation improvements up to a date as close to the time of the trial as is reasonably possible, except for improvements arising from post-separation monetary contributi ons made by the spouse. of the employee, including the gain or loss of such contributions. .