Dividing Marital Property and Debt in Bucks County Divorces
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Divorce Lawyers in Doylestown and Newtown
Property division in divorce cases in Bucks County, PA can become especially complicated when debt needs to be divided.
At Zlock & Grisillo, our divorce lawyers help clients in complex property division matters involving separate property and debt. When looking at the property issues in a divorce, a number of issues need to be considered:
Marital Property in Bucks County Divorce Cases
We are often asked what the separate property and marital property terms mean in divorce proceedings. During the equitable distribution of property in a Bucks County divorce proceeding, it is necessary to distinguish between separate and marital (“community”) property. Separate property generally includes:
- Property owned prior to the date of marriage
- Property acquired by gift or inheritance and designated to the individual spouse
- Gift received during the marriage
On another hand, marital property is everything acquired during the marriage regardless of which spouse owns the property. In some states, marital property also includes the increase in value of separate property. Property division becomes especially complicated when retirement funds, mortgages, and marital debts are to be divided.
Co-Mingled Assets in Bucks County Divorce Cases
Clients are concerned that their assets are comingled with their spouse’s assets and inquire whether their property can be divided fairly and equally. Dividing property becomes more complicated when:
- One spouse’s name is on a mortgage and the other holds the deed
- Separate property has generated marital (“community”) property
- Property is titled in multiple names
When assets are co-mingled, there are multiple approaches to property division. Our top rated divorce attorneys in Doylestown and Newtown have experience in dividing property for clients of varied incomes, including high-net worth individuals. We can help you to determine an approach to property division that considers your assets, credit history, financial obligations, and real-world responsibilities. We have many years of valuable experience in analyzing, organizing and coordinating discovery of all assets subject to equitable distribution, determining the value of property, and allocating the value between the spouses. During the process of negotiating a divorce settlement agreement, it might be necessary to go back and forth until the spouses agree on the division, and because of that it is instrumental to have an attorney on your side who understands how to identify, collect, and evaluate the assets of the divorcing couple.
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