Partition Of Real Property Philippines
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FAQ
Pennsylvania is known as an equitable distribution state and not a community property state. Our courts divide marital property and debts based on the principles of equity. That means it is at the court's discretion to divide marital assets and marital debts as it sees fair.
Settlement agreements are common in divorce and marital disputes, property disputes, personal injury cases, and employment disputes. These agreements not only keep disputes out of court, but they also save parties from having to pay expensive legal fees for continued litigation and trial.
A Marital Settlement Agreement is a contract between spouses that divides the marital assets and debts and resolves other issues relating to the divorce including child support, spousal support, alimony, counsel fees and costs, and child custody.
Pennsylvania operates as an equitable distribution state, which means that marital property is divided fairly between spouses. This does not mean that assets will be split evenly among the couple. Instead, the PA Divorce Code utilizes a number of factors to determine fairness in the property division process.
A settlement agreement is not a mandatory document in all divorce cases; however, if the parties are divorcing by mutual consent (i.e., an uncontested, no-fault divorce), a marital settlement agreement is required in most Pennsylvania counties.
Even though Pennsylvania law does not mandate a 50/50 division of marital property, in practice, a 50/50 division is quite common. If the divorcing spouses have similar incomes from their jobs and the marital assets include a home and modest retirement accounts, the courts will often order a 50/50 division.
Pennsylvania is not a 50/50 common law state. PA law requires divorcing couples to equitably divide the marital property. This means that the division of marital property should be based on fairness utilizing a set of enumerated factors in the PA Divorce Code.