MARITAL PROPERTY

Marital Property as defined by 23 Pa.C.S. 3501 means all property acquired by either party during the marriage, including the increase in value, prior to the date of final separation, of any non-marital property acquired pursuant to paragraphs (1) and (3) except: 1) Property acquired prior to marriage or property acquired in exchange for property acquired prior to the marriage. 2) Property excluded by valid agreement of the parties entered into before, during or after the marriage. 3) Property acquired by gift, except between spouses, bequest, devise or descent. 4) Property acquired after final separation until the date of divorce, except for property acquired in exchange for marital assets. 5) Property which a party has sold, granted, conveyed, or otherwise disposed of in good faith and for reasonable value prior to the date of final separation. 6) Veteran's benefits exempt from attachment, levy, or seizure, except for those benefits received by a veteran where the veteran waived a portion of his military retirement pay in order to receive veteran's compensation. 7) Property to the extent to which the property has been mortgaged or otherwise encumbered in good faith for value prior to the date of final separation. 8) Any payment received as a result of an award or settlement for any cause of action or claim which accrued prior to the marriage or after the date of final separation regardless of when the payment is received.