It seems that there are very few marriages in which both spouses are fully aware of what assets they share. It is not uncommon for one spouse to shoulder the responsibility when it comes to managing finances. While sitting back and letting one's spouse handle everything when it comes to assets and property may work during the marriage, it can create a lot of issues if a couple chooses to divorce -- especially in a high asset divorce case. In order to ensure a fair division of property, couples in Pennsylvania who are dissolving their marriages will want to make sure all assets are properly accounted for before signing off on property division settlements.
Hidden property a concern in a high asset divorce
Should your estate plan include a trust?
An estate plan is an important step for everyone, no matter the size of the estate in question or the amount of money a person earns. A will is the most basic component of a strong estate plan, but many Pennsylvania residents will find that they need protection beyond what a simple will can offer.
Property division in a gray divorce can affect retirement
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.
How is property division handled in Pennsylvania?
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.
Feel that your fathers' rights are being ignored?
In Pennsylvania and elsewhere, numerous fathers feel that, when it comes to their children, they are not given equal rights. However, fathers' rights do exist and they are protected under state laws. Fathers can seek child support, custody or visitation under the right circumstances. Unfortunately, many dads tend to find that achieving any of these things is significantly more challenging than expected.
Dad jailed for failure to pay child support
A man in another state is facing criminal charges for failing to provide court ordered financial support for his children. Not meeting one's child support obligation is something that most states, including Pennsylvania, take very seriously. However, there is no need to end up in jail because of this.
Modifying child custody and other aspects of parenting plans
Divorcing parents in Pennsylvania have a lot of decisions to make regarding how their split will affect their children. Child custody, financial support and a myriad of other details, both big and small, have to be figured out before any court orders can be obtained. When all of the details are ironed out, the final information is usually laid out in a parenting plan which, if approved, will become a court order. If necessary, down the line, these plans can be modified.
Going through a high asset divorce? Consider property appraisals
As the divorce process can be overwhelming, it is easy to let things slip through the cracks if one is not careful. Focusing on getting things finalized rather than the finer details of the final settlement is just simpler than going over every single thing. For instance, in a high asset divorce, sifting through assets, obtaining proper valuations and ensuring all assets are accounted for can be a long, drawn-out process, which may not seem worthwhile when one just wants to move on with his or her life. However, if you are going through a high asset divorce, whether in Pennsylvania or elsewhere, this is something that cannot be overlooked.
