Preparing to Separate from Your Spouse

Make a list of all property acquired during the marriage. All property acquired during the marriage that exists at separation,  regardless of whether the property is jointly titled or individually owned by spouses, is marital property that a court can divide in a divorce case unless a specific exception applies. Make a complete list of all property, including, but not limited to, real estate, bank accounts, retirement accounts, vehicles, investment accounts, and personal property. Acquire statements of value for each asset as of the date of the marriage, date of separation and current.

Make a list of all household bills and debts. All debt incurred during the marriage can be divided by the divorce court regardless if both spouses are listed on the debt unless an exception applies. Gather statements for all household bills and debts for the most recent 6 months.

Get your financial house in order. Take some time and create a budget for current household bills and expenses. List out all your monthly costs so that you have a clear picture of what you will need to meet your monthly obligations. Think about what you will need to meet your needs if your spouse decides to no longer contribute to expenses or limit contribution.

Make a list of all property acquired prior to the marriage that remains in your possession. Most property acquired prior to the marriage is considered non-marital property and is not subject to distribution between the parties in a Pennsylvania divorce case. However, there are exceptions. For example, the increased value of non-marital property is considered marital property that can be divided between the spouses in a divorce. If you are in possession of property acquired prior to the marriage, acquire a statement of value for that property as of the date of the marriage, date of separation and currently.

no replies

Leave your comment