Pennsylvania | Family Law
Legal Question
in a divorce if one spouse's income is 18,000 and the other is 80,000 how is the debt and inequity for a property typically split...50/50, 60/40, 70/30 etc...
Legal Answers
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Read More Answered By: Michael Kuldiner |
Equitable division of marital property is defined by statute § 3502:
(a) General rule.-In an action for divorce or annulment, the court shall, upon request of either party, equitably divide, distribute or assign, in kind or otherwise, the marital property between the parties without regard to marital misconduct in such proportions and in such manner as the court deems just after considering all relevant factors, including: 1.The length of the marriage. 2.Any prior marriage of either party. 3.The age, health, station, amount and sources of income, vocational skills, employability, estate, liabilities and needs of each of the parties. 4.The contribution by one party to the education, training or increased earning power of the other party. 5.The opportunity of each party for future acquisitions of capital assets and income. 6.The sources of income of both parties, including, but not limited to, medical, retirement, insurance or other benefits. 7.The contribution or dissipation of each party in the acquisition, preservation, depreciation or appreciation of the marital property, including the contribution of a party as homemaker. 8.The value of the property set apart to each party. 9.The standard of living of the parties established during the marriage. 10.The economic circumstances of each party, including Federal, State and local tax ramifications, at the time the division of property is to become effective. 11.Whether the party will be serving as the custodian of any dependent minor children. 23 Pa. C.S.A. § 3502(a) |
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Read More Answered By: Cary Hall |
Mr. Kuldiner is right about the statute governing equitable distribution of property in a divorce, but it's not always easy to apply those standards to reality. There is no set percentage or scheme a Court will use -- each case is evaluated individually. For this reason, you need to sit down with an experienced family law attorney to go over your particular situation. It may cost you, but it will be worth it in the end to receive such guidance (and the resulting peace of mind).
I hope this answers your question. If you'd like to discuss your situation in more detail, feel free to contact me offline. Best of luck to you.
Cary B. Hall, Esquire Law Offices of Cary B. Hall, L.L.C. 121 East Chestnut Street, Suite 205 Souderton, PA 18964 T: (267) 663-9995 F: (215) 525-4364 cbh@carybhall.com http://www.carybhall.com |
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