Figuring out how to divide marital property when a relationship comes to an end is not always easy. There may be certain consequences associated with a property division settlement that you may not consider at first. At the end of the day, how your property is ultimately divided can end up affecting other areas of your divorce settlement. For this reason, it is not wise for couples in Pennsylvania to rush through this phase of the dissolution process.
For many couples, the biggest asset that they share is their home. Some couples will choose to sell the property and split any proceeds, while there are other couples who will not be able to agree that selling is the best thing to do, especially if children are going to be affected by it. The truth is, though, if one spouse keeps the home so that children can continue to reside there, that individual may receive less in alimony and/or child support because of the value of the property he or she received. If this is something you are considering, you will need to ask yourself if this will present too big of a financial burden in the long run.
The marital home is just one example, and property division goes well beyond real estate. Bank accounts, retirements funds, debt, collections, inheritances and a number of other shared items will need to be divvied out between each spouse. How any of these things are divided could negatively impact other areas of your divorce settlement. To learn more, please visit our firm’s website.
When thinking about property division, one needs to think big picture. It is not about the individual items, but how the property division settlement as a whole will affect other important aspects of your dissolution agreement. An experienced Pennsylvania family law attorney can help you see the full picture of how dividing property will affect you after your divorce. With this assistance, you will be able to make informed decisions regarding what property you actually want to receive as part of your final settlement.