Blog: Property Division
- Do you need a financial advisor on your divorce team?
Jul 8, 2022
When you marry someone in Pennsylvania, you may pool your earnings with this person and plan how to fund your retirement together. Yet, if the marriage ends, you may find that your financial future looks quite a bit different. If you have concerns about having enough for retirement or maintaining a lifestyle that is similar to the one you do now after your divorce, you may want to consider making a financial advisor part of...Read More - 2 questions about keeping your home in a divorce
Jun 11, 2022
You have a lot of fond memories in your home. If you go through a divorce, you probably wonder about your chances of keeping it. Pennsylvania courts consider several grounds for divorce. These include fault, mutual consent and irretrievable breakdown. Continue reading for a brief primer on the chances of keeping your home and if the fight is worth it. 1. What if you moved out first? You might have a concern that moving out...Read More - With divorce imminent, how do you prepare for property division?
Apr 12, 2022
If your divorce proceedings are fast approaching, is the prospect of property division making you frantic? The more organized you are, the more smoothly this phase of the divorce will go. Financial preparation is essential. Begin by making a list of your assets and debts. Gather documents Pulling together your financial records takes time, but once accomplished you will have a good idea of what you will need to live on in the next stage...Read More - Marital property exclusions
Feb 14, 2022
One of the most stressful aspects of the end of a marriage is property division. Pennsylvania is an equitable division state. This means a judge looks at your marital property and decides who receives what in property division. According to the Pennsylvania legislature, marital property is any property either spouse took ownership of during the marriage. It also includes the appreciation of the value of any property experienced during the marriage, meaning you might owe...Read More - Debts obtained to benefit households may divide during divorce
Dec 7, 2021
Some couples overlook their household debts when making plans to split their marital assets. Pennsylvania’s equitable distribution law, however, requires dividing unpaid marital liabilities fairly. As noted by Brides.com, the court may review joint and individual financial statements to determine how much each spouse owes. The remaining balances associated with marital debts generally belong to both spouses, and they may use them to negotiate a fair divorce settlement. Spouses may need to work out or...Read More - What happens to your retirement benefits during divorce?
Nov 21, 2021
Getting divorced, especially as you near retirement, may rattle your plans for the future. Having a tentative idea of what will happen to shared benefits can help you plan ahead. Knowing your rights, restructuring your budget and setting goals can all help you minimize the financial repercussions of splitting from your spouse. Company-sponsored plans Unless you have a prenuptial agreement saying otherwise, you and your spouse will most likely share the value of retirement benefits...Read More - Is the money you inherited after your marriage separate property
Nov 19, 2021
If you and your spouse have decided to end your marriage, you will soon have to face the property division phase of the divorce. One major question arises in your mind: Is the inheritance you received during your marriage separate property or is it marital property? About property division In Pennsylvania, the court follows rules of equitable distribution in the division of assets during a divorce. The judge will take many factors into consideration, such...Read More - Property division casts the fate of marital and separate assets
Mar 9, 2021
If you are facing the property division phase of your divorce, you may think you know which assets are marital and which separate. However, the lines are sometimes blurred and the effort to sort items correctly may lead to a few surprises. Separate versus marital property Separate property is anything you owned prior to your marriage. Examples are your diamond engagement ring, your vintage Chevy and the Florida beach house you inherited from your late...Read More - Keeping the family home after divorce
Oct 5, 2020
If you are thinking about divorce, you have probably wondered about whether you should try to stay in the family home. This decision can have significant financial implications for both spouses. Ask yourself these questions when deciding what to do with the home you shared with your former partner after divorce. Who will have primary custody? If you plan for your children to live with you for at least half the time after the divorce,...Read More - What is separate property in Pennsylvania?
Sep 11, 2020
The most contentious part of divorce proceedings is the division of property. In the event that you file for divorce, you will want to know what property is part of the marital assets and what will remain exclusively yours. Courts in Pennsylvania attempt to divide the marital assets in your divorce as fairly as possible, since it is an “equitable distribution” state. How do separate property and marital property differ? “Separate” or non-marital property includes...Read More