The statute defines ‘marital property’ as “all property acquired by either party during the marriage and the increase in value of any non-marital property acquired.”
The following is specifically excluded from marital property:
(1) Property acquired prior to marriage or property acquired in exchange for property acquired prior to the marriage.
(2) Property excluded by valid agreement of the parties entered into before, during or after the marriage.
(3) Property acquired by gift, except between spouses, bequest, devise or descent or property acquired in exchange for such property.
(4) Property acquired after final separation until the date of divorce, except for property acquired in exchange for marital assets.
(5) 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.
(6) Veterans’ benefits exempt from attachment, levy or seizure pursuant to the act of September 2, 1958 (Public Law 85-857, 72 Stat. 1229) [FN1], as amended, 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.
(7) 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.
(8) 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.
The Family Law Attorneys with DiOrio & Sereni, LLP will do all that we can so as to ensure that your divorce proceeds as smoothly and with as little difficulty as possible. Pennsylvania laws concerning equitable distribution are different than those in other states. We are familiar with all of the family laws of Pennsylvania.
Marital property is intended to be divided at the Court’s discretion based upon principles of equity in consideration of the 13 factors cited in the Pennsylvania Divorce Code. Equitable does not necessarily mean equal, however, and an unequal percentage distribution between the parties is, therefore, not uncommon.
Put our years of experience on your side to help ensure that the division of the marital estate through the process of equitable distribution proceeds as simple as possible so that you can both move forward with your lives.
Contact the Law Firm of DiOrio & Sereni, LLP
For a private consultation, call us at 610-565-5700 or send us an e-mail. Evening and weekend consultations can be arranged upon request, and we will travel to meet with you, if necessary. We accept Discover, Visa and MasterCard.