EmailShare with:TweetThe following Are the Statutory Factors That the Court Uses in Dividing Marital Property:
What Is Marital Property?
Marital property includes all property that was acquired during the marriage, regardless of whose name it is. In addition, the increase in value of any pre-marital property during the marriage is marital. Any item, including gifts, purchased with marital funds are marital property, regardless if in the name of only one of the parties. Pensions and business interests that were developed by one spouse are considered marital property if they were acquired during the marriage. Marital property in Pennsylvania is defined as:
(a) General rule.-As used in this chapter, "marital property" means all property acquired by either party during the marriage, including the increase in value, prior to the date of final separation, of any nonmarital property acquired pursuant to paragraphs (1) and (3), except:
(1) Property acquired prior to marriage or property acquired in exchange for property acquired prior to the marriage.
(3) Property acquired by gift, except between spouses, bequest, devise or descent.
23 Pa. C.S.A. ? 3501(a).
PROPERTY DISTRIBUTION: In an action for divorce or annulment, the court shall, upon request of either party, equitably divide, distribute or assign, in kind or otherwise, the marital property between the parties without regard to marital misconduct in such proportions and in such manner as the court deems just after considering all relevant factors, including:
1. The length of the marriage.
2. Any prior marriage of either party
3. The age, health, station, amount and sources of income, vocational skills, employability, estate, liabilities and needs of each of the parties.
4. The contribution by one party to the education, training or increased earning power of the other party.
5. The opportunity of each party for future acquisitions of capital assets and income.
6. The sources of income of both parties, including, but not limited to, medical, retirement, insurance or other benefits.
7. The contribution or dissipation of each party in the acquisition, preservation, depreciation or appreciation of the marital property, including the contribution of a party as homemaker.
8. The value of the property set apart to each party.
9. The standard of living of the parties established during the marriage.
10. The economic circumstances of each party, including Federal, State and local tax ramifications, at the time the division of property is to become effective.
11. Whether the party will be serving as the custodian of any dependent minor children.
All real or personal property acquired by either party during the marriage, with few exceptions, is presumed to be marital property regardless of whether title is held individually or by the parties in some form of co-ownership such as joint tenancy, tenancy in common or tenancy by the entirety. [Based on Pennsylvania Consolidated Statutes - Title 23 - Sections: 3501 & 3502]