North Wales Equitable Distribution Lawyer
Family Lawyers Provide Effective and Smart Representation to Clients Through the North Wales Equitable Distribution Process
Whether or not children are involved, when two spouses have amassed assets during a marriage, dividing those assets in divorce often becomes complicated and contentious. Division of assets in divorce requires either a court order or a property settlement agreement between you and your former spouse that comprehensively determines who will retain ownership of all marital property. Pennsylvania is an equitable distribution state, as opposed to community property states, which means that asset division is focused on a fair division, rather than one that is exactly equal. Depending upon the complexity of the pool of marital property involved, reaching agreement can require obtaining asset valuations and changing the legal title to various assets.
At Rubin, Glickman, Steinberg & Gifford P.C., our family lawyers are here to help you through the process of dividing the marital assets in a manner that reflects your goals and protects your future interests. We will thoroughly discuss your goals to determine which assets you believe you should retain and whether any assets have sentimental or strategic value above and beyond what a simple valuation would identify. We know how important it is to reach agreement over an equitable distribution that satisfies your goals, and how difficult it can be to let go of your hard-won assets. If you are going through a divorce in North Wales and are concerned about division of assets, contact us today to schedule a confidential consultation to discuss your concerns with our experienced equitable distribution lawyers.
North Wales Equitable Distribution of Assets and Liabilities in Divorce Cases
In some cases, two spouses may be able to agree upon how their assets should be fairly divided between the two and will only need help reducing that agreement to a formal writing that will be filed with the court. Separate property that is brought into the marriage by one spouse is usually exempt from the equitable distribution process (although exceptions do apply), which seeks to fairly divide:
- Real estate,
- Investment property, including stocks and bonds,
- Retirement accounts, pensions, and deferred compensation entitlements,
- Insurance and annuities,
- Jewelry, artwork and household goods,
- Business interests owned by either spouse or owned jointly by both spouses.
Debts and other liabilities acquired during the marriage are also subject to the equitable distribution rules and will be divided between the spouses along with marital assets. Marital debts may include:
- Credit card debt,
- Mortgage loans,
- Car and vehicle loans,
- Tax liabilities.
How the asset or liability is titled is not typically relevant to the equitable distribution process. What is more important is when the asset or liability was acquired and from where it was acquired.
Results-Driven Equitable Distribution Lawyers Help Clients Resolve Conflicts Over Asset Division in Divorce
Conflicts can frequently arise in reaching an agreement over equitable distribution of the marital assets for any number of reasons—even if both parties consent to the divorce and want to move forward with their lives. This is why you need an experienced lawyer you can trust by your side throughout division of the assets. We have experience handling cases where the parties simply need help sorting out the paperwork and retitling assets, and can also help with cases where:
- One spouse may have taken steps to transfer or conceal assets,
- Separate property is used to purchase marital property, or otherwise commingled with marital property,
- Marital property consists of assets that require expert appraisal, such as in the case where the spouses jointly owned a business.
Fault and the spouses’ behavior are typically not relevant when determining how to divide the marital assets unless one party’s actions somehow impacted the couple’s finances—for example, one spouse’s fraudulent activities diminished the value of a business may be relevant.
Schedule a Confidential Initial Consultation to Discuss Division of Assets in Your North Wales Divorce Case
At Rubin, Glickman, Steinberg & Gifford P.C., our skilled equitable distribution lawyers believe in efficiently and effectively resolving conflicts over the division of assets in a divorce. Call us today, or send us a confidential email, to schedule a confidential consultation to discuss your matter with an experienced North Wales equitable distribution lawyer.
About North Wales, PA
North Wales is one of three primary portions of the North Penn Valley, in Montgomery County, Pennsylvania. Located near Philadelphia, North Wales is home to about 3,266 residents as of 2017. About 53.9 percent of households in North Wales consists of a married couple, and almost 35 percent of households have at least one minor child in the home. Sumneytown Pike connects North Wales to the Lansdale interchange of the Pennsylvania Turnpike to the northwest of North Wales itself.
Frequently Asked Questions About Equitable Distribution Rules Under North Wales, Pennsylvania Law
FAQ: What happens if my former spouse and I cannot reach an agreement over certain assets that we acquired during the marriage?
Our North Wales equitable distribution lawyers do everything possible to help our clients reach agreement over how their assets will be divided after the divorce is finalized, but, in some cases, the parties simply are unable to reach an agreement over certain assets. In these cases, mediation can help. If mediation fails, or if the parties are unwilling to use mediation, we will bring the case before a family court judge who will make the ultimate decision over how the assets will be divided. Our lawyers are committed to making the strongest possible arguments in our clients’ favor, but the judge will ultimately decide based upon the overall equities of the situation.
FAQ: Can my spouse and I use the same attorney in reaching an equitable distribution agreement in North Wales?
You and your spouse are not permitted to use the same attorney. When conflicts arise, this would present a conflict of interest for the attorney. As lawyers, we are legally required to act in all of our client’s best interests, which could become impossible in a divorce case where we are dividing the parties’ assets. In general, you need your own lawyer who will advocate solely on your behalf to obtain the best possible outcome in your case.