Fairly Dividing Assets And Debts In Divorce
Financial issues are often hotly contested during the divorce process. Pennsylvania is an equitable property division state, which means that assets acquired during the marriage are divided fairly between the spouses.
If you have assets that you would like to protect, it is imperative you work with a knowledgeable attorney who understands the legal process and how to overcome complexities that may arise. At Graff & Associates, LLC, we have the knowledge necessary to provide an objective opinion while protecting your property interests. Call our offices in Jenkintown and Philadelphia to discuss your Pennsylvania divorce with one of our skilled lawyers.
Dividing 401(k)s, Real Estate And More
Many Pennsylvania divorces involve complex assets, including:
Creating Property Settlement Agreements
Skillfully Dividing Retirements Account In Divorce
If you and your spouse are divorcing in Pennsylvania, your retirement accounts may constitute a considerable part of the property settlement. For this reason, it’s essential that the division is fair.
At Graff & Associates, LLC, in Philadelphia and Jenkintown, you will work with attorneys who know how to help you navigate the complexities of divorce. Often, retirement accounts are split down the middle in a divorce case, but that may seem unfair to a spouse who has contributed the majority of the money to that account.
Let us review the details of your situation and help you come to an agreement that protects your financial interests and your future ability to retire in comfort. We are skilled at dividing:
How Retirement Accounts Are Viewed
In order to make sure each spouse is treated fairly when it comes to retirement accounts, it is important to understand how much of the money is marital and how much is separate.For example, any money that went into the retirement account before the marriage began is typically considered separate retirement money, and money that was added during the marriage is typically considered marital money. Money acquired by inheritance or gift during the marriage is generally also considered separate and won’t be included in the amount to be divided between the spouses.
Division By Equitable Distribution
The courts in Pennsylvania use the concept of equitable distribution to divide assets, and that includes retirement accounts. Income, age, education, health, the length of the marriage and other factors all matter when it comes to distributing assets.
A qualified domestic relations order (QDRO) makes it possible for a company to divide retirement benefits between an employee and his or her former spouse.