QUESTION
How is division of property handled during divorce in PA?
Asked on Nov 20th, 2013 on Divorce - Pennsylvania
More details to this question:
Married 34 years, 3 grown children, two still in college. I moved out a few weeks ago so we are looking to set up a separation agreement and ultimately a divorce agreement. We own two houses on the same lot worth about $450,000 - $500,000 together. We owe $327,000 between mortgage and home equity, We have about $70,000 in other debt, plus $100,000 in student loans for the kids. We have $260,000 in 401K plus my retirement pension. She earns $72,000 plus bonuses and I I earn $100,000 plus bonuses. She wants us to take out a $410,000 refinance loan on the house (cost $2051 per month) and have me pay her $2500 per month for 3 years and then $2000 per month for 10 years and also pay for the college debt ($110,000). She would pay all the othe bills (Insurance,taxes, utilities, upkeep on the house, etc). This so the house can stay in the family. Both names would remain on the Deed. I think this arrangement is unreasonable and feel I would be paying too much. How is property divided legally?
1 ANSWER
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Marital property-marital debt=divisible marital estate.
That's the simplified solution. Any property acquired during the marriage is marital property and any debt acquired during the marriage is marital debt. The difference gives you the net.
When there are no minor children, the division is most often 50/50 unless one spouse is at a significant monetary disadvantage. In those cases, 60/40 is more common. There was one case about 3 years ago where the court awarded the wife 70%, but that is very uncommon.
Answered on Nov 21st, 2013 at 3:14 PM