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In most divorces, the marital residence is one of the most substantial assets in the entire marital estate, if not the most substantial asset. What makes real estate unique from other assets, such as bank accounts, retirement accounts, and other investments, is that it is an asset usually tied to a liability, such as a mortgage or a home equity line. Consequently, when parties are going through a divorce, one of the challenges is determining what happens to the marital residence.
Divorce lawyers in Pennsylvania often deal with the issue of hidden assets. Many clients believe that their spouse has been hiding assets from them. So, what is a lawyer to do?
A business owner who is married or considering marriage, should know how his or her business may be affected in the event of divorce.
Upon divorce, however, unless the parties have a written agreement providing for the division of the property, the court has the power to divide the property based on equitable principles. This means that the court will take many factors into account when arriving at a fair decision, although that does not always mean that the property will be divided equally.
A couple can come to their own agreement about property settlement, which the court will generally accept. The Pennsylvania court will decide if either spouse is entitled to alimony, based on age, physical and mental condition, earning potential, duration of the marriage and standard of living. The court decides the duration of alimony, but support ends automatically if the one receiving it remarries or cohabits.
|Your Right to Child Custody, Visitation & Support
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"A Plain English Guide to Protecting Your Children"
Author: Mary L. Boland, Attorney at Law
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