(PRWEB) July 13, 2012
The Law Firm of Pozzuolo Rodden, P.C. is making the announcement that it has finished it's second part of the two part series of articles discussing some of the basic elements of the equitable distribution of marital assets in a divorce. Below is a sample of the first couple of paragraphs. If you would like to read more, please read the full article of "The Financial Dissolution of a Marriage Part II at http://www.pozzuolo.com/Pubs_Newsletters.shtml
The Financial Dissolution of a Marriage- Part II
In a divorce, spouses must divide their property between them. If the spouses cannot enter into a settlement agreement to divide the property themselves, the court will intervene. “Equitable distribution” is the process by which courts divide marital property between the spouses. In performing an equitable distribution, the court will:
- Determine which property is marital property;
- Determine the value of the marital property; and
- Distribute the marital property.
Generally, the distinguishing characteristic between marital property versus non-marital property is when the property was acquired. In Pennsylvania, for example, property acquired by either spouse during the marriage, including any increase in value of pre-marital property which occurs during the marriage, is presumed to be marital property. Which spouse’s name is on the deed, certificate, or other form of title to the property is often irrelevant. It matters when the property was acquired. There are exceptions to this rule, of course. Pennsylvania has eight exceptions to the rule that property acquired after the date of marriage and before the date of final separation is presumed marital property. The exceptions are:
- Property acquired before the marriage or property acquired in exchange for property acquired before the marriage;
- Property excluded by agreement between the spouses;
- Property acquired by gift, except between spouses, bequest, or inheritance or property acquired in exchange for such property;
- Property acquired after final separation until the date of divorce, except for property acquired in exchange for marital assets;
- Property which a party has sold, granted, conveyed or otherwise disposed of in good faith and for value prior to the date of final separation;
- Veterans' benefits exempt from attachment, levy or seizure, except for those benefits received by a veteran where the veteran has waived a portion of his military retirement pay in order to receive veterans' compensation;
- Property to the extent to which the property has been mortgaged or otherwise encumbered in good faith for value prior to the date of final separation; and
- 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.
How property is titled matters sometimes. For example, if non-marital property is placed into joint names during the marriage, it may be “transmuted” into marital property. However, a spouse may be able to “trace” non-marital property from one account to another during the marriage, thereby preserving non-marital property.......
If you would like to read more, please read the full article of "The Financial Dissolution of a Marriage- Part II" at http://www.pozzuolo.com/Pubs_Newsletters.shtml
This press release was provided by Pozzuolo Rodden, P.C. which provides specialized cost-effective legal services to privately held business owners and high-net-worth clients in Pennsylvania and New Jersey in excess of 35 years.
Pozzuolo Rodden, P.C.
Counselors at Law
2033 Walnut Street
Philadelphia, PA 19103