Getting a divorce may have never been something for which you planned. After all, like many Pennsylvania residents, you expected your marriage to last and to live happily with your spouse. Of course, no one can predict the future, and though you may have tried to make things work as best as possible, your relationship came to a point where you knew divorce was for the best.
Now, you may have many concerns about what your future will look like. Again, no one can predict the future, but you can help yourself work toward the best possible outcome of your divorce case by preparing as much as possible. In particular, you may wonder what will happen during property division proceedings.
Martial and separate property
The two main categories of property that will come into play during your assets division proceedings are martial and separate property. Because Pennsylvania is an equitable division state, the court will divide your marital property as fairly as possible. As a result, you should not necessarily expect an even 50-50 split of the assets. If your spouse earns less money than you, it is possible that he or she could end up with more assets. Of course, other details will also affect the outcome.
When it comes to determining which assets you will likely keep and which you may need to work harder for, consider when you acquired certain items. For example, if you have a car that you do not want to lose because you bought it with your own money before you got married, you do not have to worry. That vehicle will likely fall into the category of separate property and remain yours.
What about divisible property?
Typically, any assets that you and your spouse obtained after getting married are considered martial property. For instance, if you and your spouse used marital funds to purchase a home after tying the knot, that asset will need addressing during property division proceedings. If you own a business, any business assets acquired after your marriage could also face division, which is why it is important to understand your options for keeping property you consider valuable.
In many cases, negotiations play a significant part during property division proceedings. Therefore, you may want to ensure that you go over the assets you want to keep, what you are willing to part with and how you can work toward the outcome you desire.