Regardless of how amicable a divorce may be, couples in the midst of one may find various sticking points when it comes to the fate of the marital home. During a divorce in Pennsylvania, all marital assets are subject to equitable division. Since it is impossible to actually split the residence a couple has shared, tough decisions about the fate of that home need to be made as the divorce unfolds.
While the divorce process is governed by law, each divorce will have unique aspects because each couple is unique. One aspect of a divorce that can set a couple apart and require special considerations can be the ages of the spouses and the number of years they have been married. There are aspects of gray divorce, a term used to describe divorces involving those older than 50, of which Pennsylvania couples should be aware.
Divorce leads to changes in all aspects of a person's life, including where a person lives and what the financial future may look like. Aside from an initial divorce settlement, including any alimony payable, Pennsylvania residents may want to think about the long term financial impact of a split, namely retirement. Regardless of how close or far a couple may be to retirement age, the divorce will usually affect any accounts already in place.
The divorce process can vary from couple to couple. But, it mostly entails the same step of one partner first filing for divorce, and the other person being served with papers. It was only a matter of time before the old paper filing of divorce system was outdone by technology. Pennsylvania couples may want to be aware that a judge in a neighboring state has approved a new way to file for divorce, at least under the specific circumstances presented to the court.
For many, Social Security benefits are a much needed source of support as they age. When a divorce is in the works, a Pennsylvania resident may not be fully aware of how that divorce can impact Social Security benefits for a partner who may have not earned enough to qualify for benefits or may have earned less than a former spouse. The length of a marriage is the key to determining whether a person is entitled to Social Security benefits based on the earnings of an ex-spouse.
The decision to divorce may not ever be an easy one to make. It can entail a great deal of gut-checking and even pre-planning before anyone even files. However, once the divorce process begins for Pennsylvania couples, those couples may benefit from learning how a divorce can entail much more than simply ending a marriage. Indeed, there are many ways to go about a peaceful, less stressful and smooth dissolution of a marriage.
Once a couple decides to pursue the dissolution of a marriage, there are many decisions to make as one household becomes two. The process of dividing property and drafting a custody agreement can be daunting. For Pennsylvania couples who share beloved pets, the process of deciding who will get the pets or how to handle the fate of pets during divorce can be just as daunting as dealing with issues traditionally related to children.
When a couple is in the midst of a divorce and are dividing assets and finances, many people are guilty of thinking in the short-term and just wanting the divorce process to be over. The goal may be to split funds quickly and move on after a divorce. However, Pennsylvania couples may benefit by thinking about the long-term financial reality before agreeing to certain property division decisions or support payments.
The process of dissolving a marriage can be complex for any couple. The divorce process may be more contentious and difficult if there are children involved or a large number of assets that need to be divided. One case keeps making news in Pennsylvania and elsewhere as Ken Griffin and his soon-to-be ex-wife continue to file legal motions against each other as money and where the children will live continue to be sticking points.
Every couple may face money issues and decisions at one time or another. When that couple is planning to divorce, those money issues and decisions need to be front and center. Pennsylvania couples may want to contemplate the following matters and how divorce will affect finances overall, so as to be better prepared for life after the split.