There is a general and naïve misconception that once a couple is married, all assets are marital
Property can be non-marital if it has not been co-mingled with marital property or the marital assets; or if it is subject to a well-crafted prenuptial agreement. A partial list of property that we shall value for you include:
There is a general and naïve misconception that once a couple is married, all assets are marital: this is simply not the case.
In the Commonwealth of Pennsylvania and speaking broadly, property acquired during a marriage by either spouse, is marital property and is subject to Equitable Distribution. Generally speaking, it makes no difference how the property is titled. So it is not the name or title of the property that matters most, but the type or nature of the property. For example, if one spouse started a job after the marriage, and as part of the compensation package the spouse contributed to a 401(k), all the funds in the 401(k) account contributed during the marriage and the growth of these funds are marital. This is true even for any contributions by the employer.
There are exceptions to the forgoing general rule, such as property, including funds and monies, obtained via inheritance. Once there is an official separation in the divorce, for example one spouse files for divorce; there are new rules that come into play to determine who-owns-what. /p>
The stocks in IBM my Great-Uncle gave me when I was born, is it mine?
The answer is — it depends. Let us help you determine the answer through questions like: do you have a prenuptial? is it still in your name? did you ever co-mingle it with other aspects of the marital estate? Et Cetera.
Oh by the way, the growth of value of your IBM stock — well, that is most likely a marital asset... just so you know.
Finally on this matter of non-marital; generally speaking, the same holds true for debts...
Contact Us Today
E-mail us to request more information or to schedule an appointment.