Are you divorcing and wondering what is considered separate property and marital property? I specialize in real estate transactions for divorcing couples on The Main Line PA. This is one of the first steps in getting assets divided, separating property. This is not comfortable and this is not easy for anyone, so keep that in mind.
So let’s talk about splitting up the property. Property is separated into two categories: separate property and marital property. It can be confusing when you first hear about these terms, so I will break these down for you.
First is Marital property. Marital property refers to anything acquired during your marriage. It doesn’t include anything that you brought the marriage or inheritances and gifts given during the time of marriage. Marital property can include real estate, cars, furniture, artwork, boats, or anything else you acquired together. Bank accounts and retirement accounts are included in this category. Depending on the state, laws determine how marital property is distributed, and I can recommend excellent divorce lawyers to further define the distribution in Pennsylvania.
Now we move onto separate property vs marital property in a divorce and how this plays out when you are selling a home. Separate property belongs to just one of you and may include anything you acquired before, during, or after your marriage. It may also refer to gifts and any inheritance you received during or before your marriage. Separate property may be challenging during divorce proceedings, particularly if you both contributed to the purchase of your home. If you would like more information on selling your home during a divorce, I transact for divorcing Main Line couples frequently and am expert and unbiased. See more of my divorce oriented resources below. We can take this next step, together. Kimmy Rolph sells The Main Line and local areas.
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