Dividing property and debts can be one of the most complex steps in the divorce process. Our mediators know exactly how to break down, organize, and discuss these items to arrive at an agreement as painlessly as possible.
What is Considered Marital Property?
In Pennsylvania, assets or debts one or both spouses acquired during the marriage are considered marital property. These assets commonly include:
- Real estate
- Household items
- Bank accounts
- Retirement funds
- Business interests
- Profit sharing plans
Common debts that may be addressed during divorce include:
- Car payments
- Credit cards
- Tax liabilities
- Children’s education
The marital home is often a couple’s biggest financial asset, so it’s important to make the right decision regarding whether to continue to own it together, sell it and divide the proceeds, or come up with a buyout deal.
When helping you and your spouse decide what to do with the home, our mediators will ask you to consider numerous scenarios and factors. For example, can either spouse alone afford the cost of the home, or would the proceeds from the sale be more beneficial to everyone? How do the kids feel about the home? As the decision about the home will affect everyone’s living arrangements, we’re committed to helping you make the best decision.
If you’ve started a business while you were married, you’ll need to figure out what to do with it after the divorce. Depending on the company, its value, and how it’s currently running, we’ll help you determine whether to sell, continue to co-own, or work out a buyout deal. The goal is to make a decision that makes sense for you, your spouse, and your company.
Retirement Benefits, Investments and Other Assets
Figuring out how to divide your retirement plans can be a complicated step in dividing the marital property, especially when they’re non-transferable or co-owned. Our mediators can help you put a value on these plans and assets, explain the stipulations of the plans you cannot alter, and come up with a solution.
What about household items? Frequent flyer miles? Our mediators have a comprehensive list of property and assets you may have otherwise forgotten about. We’ll help you determine what to do with these items so there are no questions or issues down the road.
DivorceDoneRight can Help
Our mediators provide the opportunity for divorcing couples to navigate their way through dividing all of their assets and liabilities. Regardless of the amount of property to divide, the mediation process is effective. To support informed decision-making related to the valuation and division of assets and liabilities, clients are free to consult with experts, such as accountants, appraisers, tax attorneys or financial advisors.