Billionaire Harry Macklowe and wife Linda are getting a divorce after 58 years of marriage. A lot of property is at stake, including an art collection that is valued around $1 billion dollars. Harry is said to be selling off part of the collection in an effort keep the funds for himself. While most divorcing couples in Pennsylvania are not dealing with assets like those involved in this case, trying to keep assets from property division can cause a whole lot of trouble for the offending spouse.
Those in Pennsylvania who are going through the divorce process simply want to leave their marriages with their fair share of assets, which is a reasonable desire. The definition of fair in such cases, though, is different for everybody. For example, if you are the spouse with a higher earning capacity, you may be granted less in your property division settlement. Is that reasonable? The court and your soon-to-be ex may think so.
The financial impact of going through a divorce can be rather significant if certain steps to protect oneself are not taken. When figuring out a property division settlement, it is not enough just to think about what one is getting; one must also consider the negative consequences that might accompany being awarded certain assets. Pennsylvania residents can turn to legal counsel for help in determining what assets are actually worth pursuing as part of their divorce settlements.
Divorce does not always just affect your personal life. For those couples in Pennsylvania who own businesses together, dissolving their marriages can have a deep impact their professional lives as well. Figuring out what to do with the business can prolong the property division aspect of divorce, as both parties will likely want to make sure they are doing the right thing for the sake of their company.
Since the 1990s, in Pennsylvania and across the country, gray divorce has been on the rise. It is believed that 25 percent of divorces now involve couples who are nearing retirement age. While the dissolution of marriage can be done at any time, when it occurs later in life it can have an extremely negative impact on one's retirement years. For this reason, how the property division aspect of a gray divorce is handled really does matter.
Every state treats the division of property during divorce proceedings differently. Some jurisdictions are known as community property states, while others -- like Pennsylvania -- are considered equitable distribution jurisdictions. In community property states, everything gained during the marriage is considered jointly owned by the parties and divided equally. Equitable distribution essentially means that marital property division will be handled in a manner that is fair, though not necessarily equally.
Regardless if one lives in Pennsylvania or elsewhere, fees may accompany the division of certain assets when going through the divorce process. While there are plenty of things that can go through property division without any added fees of penalties, retirement accounts are not among them. The company handling the transfer of funds from one 401(k) or other retirement account to another has the right to charge a processing fee.
Divorce comes with numerous financial issues, and it is normal for anyone in Pennsylvania considering this major step to have serious concerns regarding money and asset protection. We understand these concerns, and we have the extensive experience required to effectively navigate property division issues and lay the foundation for a strong post-divorce future. If you have questions about money and divorce, it can be useful to understand which factors may impact your final divorce order.
It is normal to feel a strong attachment to possessions, especially during an emotional and difficult time, such as during a divorce. If you have concerns about what will happen to your stuff or believe that your spouse may be hiding assets, you need a Pennsylvania lawyer who knows how to effectively navigate complicated property division matters. With the right help, you can secure a final settlement that is fair and equitable.
When a couple decides to dissolve their marriage, they can expect to face a number of complicated decisions. One of these decisions is how to divide the assets they have accumulated while they were married. Each state has its own rules to follow, and couples can help themselves by remaining as open and agreeable as possible through the process of property division. In an equitable distribution state, like Pennsylvania, both assets and debts are divided in a way that is determined to be fair and reasonable by the court.