Berman & Asbel, LLP

Asset list could help Pennsylvania couples with property division

When the topic of separation is broached between a Pennsylvania couple, one or both parties can feel taken aback by the implications of such an action. While some individuals may feel that they are unable to handle the dissolution of their marriage, there are many decisions that will need to be made in the near future, and focus on those decisions could be paramount. As many individuals feel very strongly about certain assets, giving attention to property division can be prudent.

Taking stock of property may seem difficult, especially if there are a multitude and variety of assets. However, having a list of all the property can make the division process run more smoothly. With this list, each piece of property will already be acknowledged and discussion can begin on the value and ownership of those items.

Certain items such as family heirlooms, antiques, jewelry and other valuables may need specific assessment. Bank accounts may also need their own focus as joint accounts will likely need to be divided. Having documents that relay the amount of income that each party has made as well as documents for insurance and retirement accounts could also help during this process.

Property division is often a point of contention between divorcing couples as one party may believe they are entitled to an asset that the other party also claims. By having specific pieces of property listed, questions regarding those assets -- including the value -- may be able to be answered more quickly. If Pennsylvania couples need more information on property division in their state, resources are available that could explain the process.

Source: milforddailynews.com, "How To Prepare Financially For A Divorce", Gary M. DellaPosta, May 8, 2014

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