Ensuring An Equitable Division Of Assets
There are two ways that states divide assets: community property and equitable division. In community property, all assets in the marriage are divided equally between both parties. Pennsylvania uses the equitable division model, and looks at many factors in the divorce and marriage when assigning assets to one party or the other. No matter how simple or complex your assets may seem, you can benefit from the advice and counsel of an experienced divorce attorney.
At Palange & Endres, P.C., we represent clients in Berks County for a wide range of matters during a divorce, including asset division issues. Dividing assets can send your divorce down a fraught, unpleasant path, especially if you were hoping to have an amicable divorce. We will work hard to pursue the outcome you deserve for your marital assets.
Wyomissing Property Division Attorneys
Every divorce in Pennsylvania starts with the hope that there can be an amicable outcome. In many cases, this is simply not in the cards, but for some, if both sides can work together, an amicable outcome is possible. If you can reach an agreement with the other side, and we will help you negotiate that if we can, then in most cases the court will sign off on whatever division agreement you present to them.
However, any disagreement in the division talks has the likelihood of sending the entire court before the judge. If divorcing parties are unable to amicably resolve the division of their assets and liabilities, the court will consider such concerns as:
- Length of the marriage
- Standard of living during the marriage
- Each party’s age, health status and income or earning capacity
- Economic circumstances of each party
- Child custody arrangements
- Tax ramifications of the distribution of assets
These factors are guidelines that our attorneys also use to successfully negotiate and resolve divorces. If a court hearing becomes necessary, we are skilled at presenting complex issues of marital assets, and liabilities and the valuation of those assets to the court.
A Close Look At The Assets Typically Divided In Divorce
The assets available for division in a divorce include everything in the marital estate, which is largely defined as all assets acquired during the marriage. Typically, over a long marriage, we have seen people with considerable portfolios of assets that include:
- Business assets: From the physical assets that make up the business, such as location and real estate, to the intellectual property of business contacts and patents, the ownership of a business, and the benefits of running a business built or expanded during a marriage are a major discussion that must be had.
- Retirements and pensions: Whether personally funded or employer funded, retirement assets and pensions are highly valuable, and even under equitable distribution, likely to be part of the asset division discussions.
- Real estate: Real estate is a complicated issue in divorce, as it is an asset that carries immense monetary value, but many homes also hold sentimental and personal value. Whether inherited or just where you raised your family, resolving questions of real estate division is going to take a lot of effort and discussion.
- Digital assets: Including cryptocurrency and nonfungible tokens (NFTs), digital assets complicate the divorce process by being difficult to value and, in some cases, difficult to locate. The volatility and secrecy of digital assets can make or break asset division discussions.
We will meet with you to help determine what is marital and nonmarital property and then estimate the value of your assets and liabilities. Additionally, we will address any questions and concerns you have, including those relating to staying in your home or what happens to insurance policies.
Compassion And Dedication
We’ve built our practice to be caring toward our clients. Ending a marriage and untangling the financial web of two lives that were bound together for so long can be an uncomfortable, highly stressful experience. For you and your ex, we’ll work to make this as simple to understand and fair as possible.
When clients work with us, they find that our dedication to smart, honest answers goes a long way to decreasing their anxiety about the future of their assets. We take immense pride in offering you the benefits of our years and years of service. We put as much care and attention into these discussions as we possibly can.
Reach Out To Us For Dedicated Asset Division Help
The reality is that dividing assets can be a hard fight when you least want it. The challenges facing you are real, and you want to have the help of an experienced, compassionate team of asset division attorneys. That’s why you want to talk to us. We have more than 60 years of combined experience, and we will treat you with the honesty and care you deserve.
Contact us today at 610-674-0712 or toll free at 800-634-1983 to schedule an initial appointment. Or, if you prefer to send us an email, you may do so using our online form.