Helping Divorcing Couples Divide Their Assets and Debts
One of the most contentious issues in many divorces is the division of assets and debts. In Pennsylvania, the process of dividing assets and debts is known as equitable distribution. Equitable distribution does not mean equal division. Rather, the process is based on what the court believes is fair, and relies on a number of factors when determining the final outcome.
Factors Considered by the Court in Equitable Distribution
If the parties cannot agree, especially in high net worth divorces, the court will decide how the assets and debts will be divided. Judges consider the length of the marriage, the age and health of the parties, whether either party contributed to the other's education and training, and a number of other factors. At our Rockledge, Pennsylvania, law firm, the Law Offices of Maribeth Blessing, LLC, we advise clients about the issues that are considered during equitable distribution.
Seeking Transparency
Our principal family law attorney, Maribeth Blessing, is committed to making the property distribution process as smooth and trouble-free as possible. To this end, she works to conduct discovery efficiently, requesting needed records from opposing counsel rather than getting bogged down in dueling interrogatories, and requests for production or expensive depositions. If this strategy works, she saves the client time and money. If it doesn't work, she is ready to pursue needed information using the traditional discovery process.
Identifying Assets and Debts
To represent a client during the property division process, an attorney needs to be knowledgeable of financial matters. Our lawyers understand issues related to assets such as:
- CEO compensation packages, including, ESOPs, Cash Balance Accounts and others
- Deferred income benefits
- Savings, profit sharing and overseas accounts
- Defined benefit and defined contribution pensions
- 401Ks
- Top hat and golden parachute schemes
It is important for an attorney to know about benefits and assets such as these, especially if an informal request to opposing council yielded no results. Having an attorney with broad knowledge of employee benefit plans and other types of assets is critical to obtaining a fair and balanced property settlement agreement.
Call for an Initial Consultation
Contact our Philadelphia area law firm to schedule an initial consultation to learn more about equitable distribution during divorce. Call 215-392-0849 for an appointment for a free 10 minute conversation with a lawyer. We also offer a two hour consultation for a very reasonable fee.
