Assessing Different Types of Property
Complexities surrounding asset division can arise during the process of separation and divorce. For instance, this can be true when various types of properties need to be distributed. If you could use guidance on how to fairly divide property, specifically the unique considerations that need to be top of mind for couples ending a union in Pennsylvania and New Jersey, connect with a Bucks County family attorney.
From the Primary Home to Income Generating Properties
When you meet with an attorney and do a full review of your marital assets, all of the different forms of property you and your spouse own will be reviewed.
- Primary residence. Determining the fate of a primary home requires careful consideration, particularly if one spouse wants to retain the home and there are children involved. Courts in both Pennsylvania and New Jersey strive for equitable distribution rather than equal, taking into account factors such as the home’s current market value, mortgage responsibilities, and the needs of each spouse.
- Vacation properties. Couples who own vacation properties face an additional layer of review. Whether it’s a cozy cabin in the Poconos or a beachfront escape in Cape May, the value of these assets require careful evaluation including usage patterns, financial contributions, and sentimental value.
- Business-owned properties. If one or both spouses own businesses, property division becomes intertwined with business interests. A PA or NJ court may consider the value of the business, each party’s role, and the potential impact of property distribution on the business’s viability.
- Investment properties. Rental units and other investment properties mean that a fair distribution of rental income and property value will need to be determined. This often involves evaluating ownership percentages, maintenance responsibilities, and rental agreements. Clarity in ownership documentation is key to avoiding disputes during this process.
There are also a handful of general factors that will be reviewed when it comes to any form of property division. To secure a fair and just outcome, the duration of the marriage, the health and age of each spouse, their respective annual incomes, and any financial obligations from previous unions will be considered to help tailor an arrangement that meets the unique circumstances of all involved.
Retirement Accounts and Other Areas of Review
It is also important to recognize that a long-term strategy for financial security looks into assets beyond property assets. In both Pennsylvania and New Jersey retirement accounts and pensions earned during the marriage are subject to equitable distribution, too. Ensuring the division is fair means understanding the valuation, tax implications, and potential future benefits.
Have a conversation with a Bucks County family attorney to explore your options when it comes to property division and asset allocation.
Do you have questions about navigating the property division process? Whether it’s the family home, vacation property, business assets, or rental units, understanding the unique aspects of each property type is crucial. Consulting with the lawyers at Kevin L. Hand, P.C. means you can access valuable guidance and achieve a fair and equitable resolution. Call 215-968-6602 to schedule a confidential consultation.
