How Money Is Divided in Pennsylvania Divorces
One of the biggest points of contention in any divorce is how your money will be divided. Many spouses are under the impression that money is divided right down the middle, and we’ve all heard of that spouse who says, “I’ll take half of everything.”
But, in Pennsylvania, money is divided differently than in community property states. To learn more about how you can expect your money to be divided when you divorce in PA, read on.
What Is Equitable Distribution?
Equitable distribution states such as Pennsylvania don’t divide marital property equally among both spouses. Instead, the marital property is divided fairly, according to the court system.
This means that when it comes to your shared money in savings accounts, checking accounts, retirement savings accounts, and other money sources will not be split fifty-fifty unless that is the divorce settlement you agree on. It will, however, be divided equitably, so one spouse cannot take advantage of the other by draining the accounts for themselves and leave the other with nothing.
Why Marital Property Matters
It is important to note that when it comes to money, only your marital property can be divided. This is especially relevant for divorces in which one spouse might have been left an inheritance or trust fund.
Any money brought into the marriage for the benefit of both spouses is the only finances that can be distributed. Money retained by either spouse prior to the marriage should remain theirs in the divorce.
Speak with a Pennsylvania Divorce Lawyer
If you are concerned that your spouse is trying to take advantage of you during the division of shared money, and you want to protect yourself, reach out to an experienced Pennsylvania divorce lawyer at Lisa Marie Vari & Associates, P.C.
We can be reached by phone at 1-844-VARI-LAW (827-4529). You can also complete the brief contact form at the bottom of this page to schedule a no-obligation case review.