My question involves a marriage in the state of: Pennsylvania
If two people get married, both bring assets into a second marriage. If one has, for example, a house co-owned with his/her previous spouse and that gets sold during the second marriage, it's considered a previous asset, correct?
So then if the second marriage turns to divorce in an equitable distribution state like PA, DE, NJ, how is that done, for example, if the return from that previous sold home is in a joint account with the second spouse?
To do the equitable distribution, is it essentially doing a calculation of each spouse's prior assets (or net worth factoring in any debt?) and then the current net worth, then providing each spouse with an equal amount they came into the marriage with and dividing any net worth growth in half and splitting that? And it's up to the couple (or courts if they can't agree) on how to divide or sell off assets to make that happen?
I was told at one point that in the prior example, if the previous assets (such as this prior home example) are sold and put in a joint account, they're "comingled" and now belong to both in a divorce proceeding.
Thanks for any help, quite confused about how the process works and curious (not for my wife and I who aren't considering divorce...)