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.
When to file for divorce is not an easy decision for many people. For some, the decision may come over much contemplation, while for others in Pennsylvania, it may be a spontaneous decision. Whether thought out over years or days, when anyone prepares to file for divorce, it is vital to make certain decisions and think about the future, both long-term and immediate.
January is known as the month in which there is a significant rise in the number of people seeking to dissolve a marriage. It has been nicknamed "divorce month" as a result of the jump in divorce filings during the first month of the year. While there many theories and explanations as to why there is such an increase, anyone seeking to divorce in Pennsylvania -- now or as the year progresses -- may benefit from a few valuable financial tips.
Many things change during and after a divorce. Money is one very big change for all parties involved. Anyone in Pennsylvania who is in the middle of a divorce may want to consider how the process will impact his or her taxes.
For couples of a certain stature or those in the public eye, privacy of personal affairs may be of the utmost concern. When a couple becomes entangled in a court case, certain information may go from the private to the public domain. For some Pennsylvania couples, having private information become public during a divorce may be something they wish to avoid if at all possible.
Divorce can be disruptive to daily life and future plans at any age. However, when a couple over a certain age decides to divorce, the process can be much more complex. There are circumstances and factors that older Pennsylvania couples may have to think about that may not plague a couple that is younger.
The holiday season can present a wide range of logistical problems for any family. When a divorce and child custody agreement are involved, the complications can be compounded. Any Pennsylvania family attempting to navigate the holiday season while faced with a child visitation schedule may benefit from the following tips.
Once a couple decides to split, there are many decisions that need to be made. For many couples in Pennsylvania, custody issues may be the most contentious and personal to arise during a divorce. However, the fate of major assets, such as a house, can also be the source of contention. It may surprise many to know that once the fate of a house is decided, the complications for one or both partners may just be beginning.
When a divorce is imminent, there are several concerns that must be addressed, even when a split is completely amicable. Regardless of the nature of a divorce or how long a couple was married, Pennsylvania couples need to be fully aware of how a divorce may impact both their retirement plans and taxes. Both areas, along with other financial areas, are better addressed early in the process and with full disclosure.