Division Of Assets And Debts
Fair And Equitable Division Of Assets And Debts
The division of your marital assets and debts may well be the largest financial transaction of your life. Unfortunately, this financial transaction occurs at a time when your and your spouse’s emotions make clear-minded decisions difficult. Because equitable distribution involves all the economic fruit of your marriage, all valuations and proposed divisions must be analyzed thoroughly, whether they involve significant assets or simple transfers.
Under Pennsylvania divorce law, the division of assets and debts between spouses is called “equitable distribution.” There are many nuances in determining which assets and debts are marital and the values of those assets or debts. The courts have significant discretion in assigning values and making distributions to each spouse. It is important to have skilled legal counsel on your side.
Working Together Toward A Common Goal
At Engle, Kauffman & VanHorn, P.C., our family law attorneys will guide you through the process of determining your assets and their values and assessing proposed distributions based upon your needs and goals. We will work with you and your advisers to resolve your case expeditiously and with dignity, whether through the collaborative divorce process or through traditional negotiation.
You Need A Fair Property Settlement Agreement
A property settlement agreement (sometimes referred to as a “marital settlement agreement”) should be prepared in every divorce action. It is a binding contract that contains all the terms of the spouses’ negotiated agreement. This agreement will have detailed provisions for each asset, responsibility for debt and provisions regarding taxes. Often included are provisions for parenting plans, child support, life insurance, higher education expenses and alimony. Our attorneys are highly knowledgeable and trained to recognize the nuances affecting your interests whether we craft the agreement or are reviewing an agreement drafted by your spouse’s attorney.
In the event that settlement is not possible, we will take all steps to present your case to the court to your best advantage. Our attorneys are experienced in litigating divorce cases in the central Pennsylvania courts, and will provide skilled and knowledgeable representation in court and through any subsequent appeals.
Contact Us Today To Discuss
For more information regarding the division of assets and debts (equitable distribution) in Pennsylvania, or to discuss your equitable distribution issues with an experienced family lawyer, please call our State College office at (814) 234-8834 or fill out our intake form on our Contact page.