In many cases, a Pennsylvania couple who is divorcing will own a home which they purchased after they were married. Even in cases in which the mortgage of a house that was purchased after marriage only lists one person, the home will still be considered marital property and thus subject to division.
Pennsylvania couples going through a divorce have several issues to resolve throughout the divorce process. Property division is often a part of the divorce that can quickly turn acrimonious. Spouses may feel entitled to certain items acquired before or during the marriage. If either spouse owned a business during the marriage, there are more items to discuss.
As Pennsylvania residents who follow social trends know, the American divorce rate for older couples has jumped from mere 2 percent of divorced individuals 50 and over in 1960 to between 11 and 15 percent in 2010. This age-specific evolution changes the asset dynamics of a divorce. Retirement accounts are an increasingly important part of asset division. In one study, almost one-third of divorcing adults were unaware they could claim part of their spouse's retirement account and did not do so.
One of the most difficult issues that can arise when successful couples divorce is the division of property. The main asset types for property division include real estate, retirement funds and benefits, business and professional practice valuations, investments, stock options, life insurance policies, intellectual property, inheritances, trusts and additional property items of value. In all of the arrangements made splitting up material items during divorce proceedings in Pennsylvania, the retirement assets often get lost in the assortment.