Divorce process will obviously be unique to each couple, yet certain aspects of a split may be more common than couples expect. One part of the divorce process that can get complex is property division. If a Pennsylvania couple has amassed a great deal together or has a shared business, there may be certain details of the property settlement agreement that need to be cleared up before anyone agrees to anything.
For many couples, the family home may be the most valuable asset. It may also be the asset that both parties are the most emotionally attached to at the time of a divorce. Pennsylvania couples who are navigating a divorce will need to agree on the fate of a marital home in order for both parties to move forward after the split. Making and adhering a formal agreement can also help avoid pitfalls and problems such as foreclosure or credit issues that could result from not agreeing to a plan.
One of the biggest points of contention during a Pennsylvania divorce proceeding is determining how assets and property should be distributed. As a result, feeling financially secure following a divorce can be tricky. A few tips may help people to rebuild their wealth after going through a divorce.
The divorce process undoubtedly affects each party's finances now and in the future. Pennsylvania couples going through the divorce process need to know how their personal finances will be impacted so they can plan accordingly. As for future finances, it may surprise some to know that social security benefits can be accrued and distributed after a divorce.
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.