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During the course of a marriage, couples accumulate what is
known as the "marital estate." During the divorce, that
estate must be divided — a process that is complicated by the
state in which the divorce is taking place, length of the marriage,
and type of assets/liabilities.
Most significant to people when getting divorced are the big
ticket items, such as houses or retirement accounts. However, over
the course of a longer marriage, couples can accumulate a
significant amount of smaller assets that, in aggregate, have
significant value.
Stephanie J. Zane, Esquire, a partner at
Archer & Greiner, P.C. notes keeping a list of all assets,
including bank, retirement, and investment accounts, college
accounts, stocks, bonds, vehicles and even frequent flyer miles,
vacation payouts, and collectibles, etc. and whether these assets
existed at the time of your marriage, can assist your
divorce attorney in providing you with the most comprehensive
advice regarding the division of your assets. Zane also suggests
creating a list of all liabilities, including mortgages, student
loans, credit cards, and proof of any loans that you or your spouse
may have received from others, such as parents, etc. Gathering
statements and other relevant information will help your attorney
identify the assets that are subject to equitable distribution as
well as assist with the valuation of those assets.
Statistics confirm that first marriages last, on average, 12
years, with more than 50 percent of those marriages ending in
divorce. During that time, couples typically accumulate wealth and
assets together. An attorney can assist with the identification of
assets subject to equitable distribution, which are generally those
assets acquired from the date of the marriage through the date of
Complaint for Divorce filing, states
Jennie A. Owens, Esquire, an associate with Archer &
Greiner, P.C. Owens further elaborates that assets are not
necessarily divided on an equal basis in equitable distribution
states such as New Jersey and Pennsylvania, but a court must
determine the most equitable manner of distributing the available
assets, as well as the existing liabilities. Because assets are not
simply cut in half, having counsel to represent you and advocate
for your position in the equitable distribution process is
vital.
During equitable distribution, the court considers a number of factors in dividing
property, which requires a fact specific analysis of each
marriage. Effective counsel for both parties can help advocate
during the typically emotional process of a divorce to ensure that
each party receives a fair division of the marital estate.
While
great counsel can help divorcing couples consider all their
options, it is up to the individual in the marriage to accurately
catalog their assets. Essential to the divorce process is
disclosure of assets and liabilities. Withholding of information
can only force the unnecessary incurrence of counsel fees and
costs, while complicating an already difficult situation.
Preparation, transparency and effective advocacy can help a
litigant achieve the best possible outcome for their family.
Previously published August 7th, 2019 in the Philly Voice.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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