Blog
- Can you keep your full 401(k) in your divorce?
Oct 22, 2020
Past posts on this blog detailed the role of a Qualified Domestic Relations Order in dividing up your 401(k) in your divorce. Yet the fact that your 401(k) is subject to property division does not change the fact that losing any portion of it may dramatically impact your retirement plans in Pennsylvania. Thus, you may wonder whether it is possible for you to retain the full amount of your 401(k) during your divorce proceedings. While...Read More - What does Pennsylvania law say about annulment?
Oct 20, 2020
In some cases, a person can seek annulment of a marriage rather than a divorce, which declares the union completely void rather than ended. Pennsylvania law establishes the circumstances in which the state allows an annulment. Review the process of requesting an annulment and possible reasons for doing so. Void marriages The state considers a marriage void when it goes against Pennsylvania law. The court will declare a state legally invalid in cases when either...Read More - How to change a child support order
Oct 7, 2020
Parents may realize that their child support order no longer matches their current circumstances. In this situation, they can ask for a modification. According to the Pennsylvania Department of Human Services, parents can modify a child support order when their situation changes. Children may reach the age of emancipation, for example, and parents may no longer need to provide child support for them. Additionally, parents can request a modification if they become a custodial parent...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 - Can I modify my alimony order?
Sep 21, 2020
After your divorce, changes in your life could lead you to a situation where your spousal support payments are making it financially difficult for you. If this happens, you can request a modification from the court. The Pennsylvania General Assembly explains that to request a change in your alimony orders, you will need to have a significant change that will continue. For example, if you had a decrease in income due to being off work...Read More - Redesigning an estate plan after divorce
Sep 19, 2020
When people get divorced in Pennsylvania, their future may look quite different than they originally envisioned. Their efforts to plan for their well-being and success may require some modification to maintain their goals and ambitions. Estate planning is one area where divorced individuals will need to put in some work. Outdated estate plans that show no indication of marital changes may not function nearly as effectively and create disappointment in the future. Budgeting and beneficiaries...Read More - Splitting and saving retirement assets in a divorce
Sep 17, 2020
For many couples, their joint retirement savings may include multiple accounts or types of investments. When a couple gets a divorce, dividing these assets may raise many issues. Even when retirement savings must be split between two spouses, how this occurs may play into how much each person receives or loses. 401K accounts and the QDRO A spouse who owns an employer-sponsored 401K account may need to pay early withdrawal penalties when taking a distribution...Read More - How should you handle finances during a divorce?
Sep 14, 2020
When a marriage ends, the subject of finances becomes more complex. No matter how long you were with your spouse, odds are that you combined accounts, made large purchases together and made other financial decisions as a couple. Now, you have to prepare to make financial moves on your own, explains U.S. News. What financial steps should you take during your divorce? Organize your financial portfolio Before and during the divorce, make a list of...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 - 3 tips on coping with divorce
Sep 9, 2020
Experiencing a divorce is one of the most emotionally-charged times in someone’s life. If you are divorcing your spouse or plan to file for an end to your marriage, you might feel overwhelmed about your future. Understand that it is normal to experience lots of emotions during your divorce, no matter if you are the initiator or on the receiving end. To lighten some of the emotional burden and stress surrounding your divorce, you can...Read More