Some people may be able to improve their financial status by getting married. Unfortunately, the opposite is often not true. The divisions of assets, liabilities, income and expenses are often contested in a high asset divorce. Many couples considering a divorce find the advice of a Pennsylvania family law attorney invaluable when planning their financial future beyond a divorce.
Assets can be diversified, making it complicated for an individual to understand the best solution for a division. Couples often share cash, savings, bonds, investments, retirement accounts, mutual funds, real estate properties and more. Not all assets are equal as far as tax implications, which can make a division unfair if not divided correctly. Debt is also considered in the division, but different debts are handled differently, and spouses can sometimes remain responsible if the other spouse fails to pay a debt.
In addition to dividing assets, some divorcing couples become stressed planning for a financial future beyond a divorce. Although income may not change, expenses most often double, reducing the amount of livable income. Spouses typically go from living in one house with one set of maintenance costs to two homes and double the maintenance costs. In addition, one spouse may be ordered to pay spousal or child support, limiting their individual livable income.
Understandably, any high asset divorce is difficult. In addition to financial stress, there is a large amount of emotion and pain involved. When children are involved, the complication increases. Pennsylvania family law attorneys understand the sensitive nature of a divorce, the logistics that need to be determined and the pain that accompanies it.