WHAT IS MARITAL PROPERTY? – EQUITABLE DISTRIBUTION

Marital property means all property acquired by either party during the marriage and the increase in value of any non-marital property acquired prior to the marriage.  Marital property does not include the following:

- Property acquired prior to the marriage or property acquired in exchange for property acquired prior to the marriage.

 

- Property excluded by valid agreement of the parties entered into before, during or after the marriage.

 

- Property acquired by gift, except between spouses.

 

- Property acquired after final separation until the date of divorce.

 

- Property which a party has sold, granted, conveyed for value prior to the date of final separation.

 

- Veterans benefits exempt from attachment.

                       

-Any payment received as a result of an award or settlement for any cause of action or claim which accrued prior to the marriage or after the date of final separation regardless of when the payment was received.

 

All retirement benefits earned during the marriage are considered to be marital property and therefore subject to equitable distribution.  These accounts are not treated any differently than a bank account or savings account accumulated during the marriage. 

 

Please contact Liebmann Family Law to schedule a free initial consultation.  At that meeting we help you to understand your rights and your obligations.  The purpose of the initial consolation is to help understand what will happen should you chose to go down the divorce road.  We can also discuss whether it would be in your best interest to file for divorce sooner rather than later or to let your spouse file for the Divorce.  This is a very difficult time emotionally.  You should at least have the comfort of knowing the law. 

 

Other Topics Of Interest:

Making Sense Of Divorce

What Is Marital Property?

What Is Qualified Domestic Relations Order (QDRO)

What Is Alimony?

 

Topics To Come:

Does it matter who files for divorce first?

Am I allowed to date?

Does Pennsylvania have a legal separation?

Affording a divorce