James W. Cushing of the Law Office of Faye Riva Cohen High Court Determines What a Gift Is in the Context of Divorce
In the matter of Goodwin v. Goodwin, 70 MAP 2021, the Pennsylvania Supreme Court has helped clarify what constitutes divisible marital property in the context of divorce.
September 26, 2022 at 11:28 AM
6 minute read
In the matter of Goodwin v. Goodwin, 70 MAP 2021, the Pennsylvania Supreme Court has helped clarify what constitutes divisible marital property in the context of divorce.
23 Pa.C.S. Section 3501(a)(3) states that "property acquired by gift, except between spouses, bequest, devise or descent or property acquired in exchange for such property" does not constitute marital property subject to equitable distribution in a divorce. The issue before the court in Goodwin was whether certain life insurance policies and an individual retirement account fall within the purview of Section 3501(a)(3). As will be described below, the assets described above in this case constitute "gifts" under Section 3501(a)(3) and are excluded from equitable distribution.
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