At the Law Office of Cheryl Bucker PA in Pennsylvania, we spend a lot of time helping our divorce clients devise fair and equitable property settlement agreements with their respective about-to-be ex-spouses.
If you face an impending divorce, the first thing you need to know is that Pennsylvania is one of the equitable distribution states, meaning that when you and your spouse divide up your marital property, you need not do it in a precise 50/50 manner. Your own specific situation, including the incomes that you and your spouse currently make, will determine what is fair and equitable in your case. The second thing you need to know is that you and your spouse need divide only your marital property during your divorce, not the separate property that each of you owns.
With these preambles, here is a checklist of the types of marital property you should consider when devising your property settlement agreement.
As FindLaw explains, your real property consists not only of your home, but also any vacation home(s), rental property, business property and undeveloped land you own.
When you begin dividing up your financial assets, do not stop with just your checking and savings account(s). Your financial assets also include the following:
- Stocks and bonds
- Certificates of deposit
- Educational accounts
- Pension plans
- IRAs, 401(k)s and other retirement accounts
- Life insurance policy cash values
Business assets include not only those you and/or your spouse own outright, but also those in which either of you has a percentage interest. For instance, your business assets could include a professional practice, a family business, a partnership interest, or shares either of you hold in a corporation.
The list of personal assets you and your spouse own can quickly become quite long when you stop to think about it. Personal property includes not only your car(s), boat(s), RV, motorcycle(s), camper or other vehicles, but also the following types of things:
- Household furnishings, appliances and accessories
- Collectibles such as artworks, antiques, coin collections, stamp collections, etc.
- Clothing, including such high-dollar items as furs
- China, crystal and silverware
- Rifles, shotguns, handguns and other weapons
And do not forget to include your tools and camping gear. For additional information, please visit this page of our website.