Going through a marital split-up is never easy from a financial or emotional point of view. However, having many valuable assets that have to be split between two divorcing parties in Pennsylvania makes the property division process even trickier. This is particularly true when the high-value assets are not just money but also equity in a startup company or restricted stock units, for example.
The state of Pennsylvania is considered an equitable distribution state. This means that any assets that one person owned before the marriage count as his or her separate property. This property does not have to be split between the two spouses during a divorce proceeding.
However, all assets and income acquired during the course of the marriage have to be divided during divorce. These assets have to be split in an equitable manner, which a judge will determine. However, the two parties may try to divide their own property without further court intrusion.
The benefit of dividing assets through the process of negotiation is that the process may be more amicable than it would be at a trial involving a judge. Both parties can feel more in control of the situation and thus feel less stressed as well. In addition, pursuing a mutually satisfactory settlement outside of court can be less expensive and take up less time than traditional litigation. An attorney in the state of Pennsylvania can help with the negotiation process or offer aggressive representation at trial if necessary, to ensure that one’s best interests are upheld when dealing with property division.
Source: theguardian.com, “Big money, big ego, big bills: how to get divorced Silicon Valley style“, Olivia Solon, April 19, 2017