Dividing debts in a divorce matters just as much as dividing assets. In Pennsylvania, courts follow equitable distribution, meaning they divide debts fairly but not necessarily equally. Understanding how courts handle debts helps you plan for financial stability....
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LEGAL CHALLENGES
Property Division
What happens to business assets in divorce?
Dividing business assets in a high-asset divorce creates unique challenges. Pennsylvania follows equitable distribution, meaning courts divide property fairly but not necessarily equally. If you own a business, its value, structure, and ownership details determine how...
Can my spouse claim part of my pension if we divorce?
Your pension might be the biggest asset you own after your home. Many people worry about losing part of their retirement savings during a divorce. Here's what you need to know about the pension division in Pennsylvania. What makes a pension marital property? In...
Understanding marital and nonmarital debt
When it comes to divorce, one of the most contentious issues could be the division of debt. Understanding the difference between marital and nonmarital debt is crucial. This distinction could significantly impact your financial future. The difference between...
How do prenups affect property division in Pennsylvania?
Prenuptial agreements play a significant role in divorce proceedings. They provide clarity and protection for both parties. In Pennsylvania, these agreements can greatly influence how property is divided during a divorce. Purpose of a prenup A prenuptial agreement,...
Can divorcing spouses decide on the property division terms?
Property division brings multiple issues up for discussion and decisions. Usually, it is the courts that determine the outcome of these matters. However, parties may seek opportunities for collaboration and control over the decision-making process of the distribution....
How courts decide what is fair and equitable in property division
Property division is one of the most crucial aspects of a divorce because it profoundly impacts each spouse's financial health and future. Accordingly, divorce parties usually inquire into the process to better understand how they stand in terms of property interests...
What the marital standard of living means
A married couple’s lifestyle encompasses numerous factors – the kind of house they live in, the cars they drive, and their preferred clothes, restaurants and vacations. Aside from these luxurious choices, it also includes their basic necessities, such as their child's...
How is debt divided in a divorce?
When two people decide to get married, they bring more than just their personalities and preferences to their relationships. They also bring their financial histories and obligations, such as debts from student loans, credit cards, mortgages or other sources. Some of...
What properties are not subject to division in a divorce?
It is common for divorcing spouses to have a pile of questions about the divorce process. One of their main concerns is determining which properties the court will distribute between spouses and which ones are excluded from the division. Following the equitable...