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Property Division Archives

For millennials, property division is a part of wedding planning

Family law attorneys report that more and more young people are coming in for prenups prior to tying the knot. These young couples are serious about their commitment but also incredibly levelheaded about matters of financial responsibility and the risk of property division. Very often, drafting a prenup is simply another part of the wedding preparation checklist, for couples in Pennsylvania or elsewhere.

Understanding the role of debt in property division

When most Pennsylvania residents consider the division of marital wealth, they think about assets such as investments and real estate. It's important to understand that property division encompasses not only assets, but also debt. Failing to properly consider how debt can impact the property division process can yield unfavorable outcomes for certain spouses.

Common law marriage and property division

Not all states recognize common law marriage, and many that once accepted the practice will now only recognize those unions that began many years ago. For Pennsylvania couples who choose to live together in a committed relationship outside of marriage, a number of legal issues can arise when that relationship ends. An example is found in a recent case in which a man and woman struggled over matters of property division and alimony based on a common law marriage.

Prenuptial agreement can ease property division for older spouses

For those Pennsylvania residents who are considering tying the knot later in life, drafting a prenuptial agreement is a wise move. Without such an agreement, it is possible to lose a significant portion of retirement savings during property division. That outcome can drastically change one's retirement outlook and can also create a need to live on far less than anticipated.

Factoring Social Security benefits into property division

Many Pennsylvania residents fail to consider how Social Security comes into play during the course of their divorce. This is especially true for spouses who are decades away from retirement age, and for whom Social Security is little more than an abstract concept. In reality, however, Social Security benefits and divorce are closely connected and should be considered when creating a property division settlement.

Dissipation can lead to unfair property division outcomes

For many Pennsylvania residents, the sheer volume of tasks that must be accomplished during the course of a divorce can feel overwhelming. That can be especially true in cases where one spouse allowed his or her partner to handle the bulk of family finances. Failure to understand the full scope of marital assets makes it impossible to negotiate a fair and favorable division of wealth during the property division process.

Inmates face particular property division challenges

When a Pennsylvania resident is incarcerated, he or she is largely cut off from the outside world. That can pose a problem in cases where the inmate wishes to seek a divorce. Very often, divorce, child custody and property division are matters that are nearly impossible to navigate while behind bars.

The role of business valuation during property division

Owning a successful business is often the culmination of many years of dedication, toil and sacrifice. For many Pennsylvania residents, building their business and supporting that growth has been the primary focus of their adult lives. When a divorce seems inevitable, many business owners are understandably concerned about how the property division process will impact their bottom line.

Collaboration can yield property division advantages

For those in Pennsylvania who are going through a divorce, it is important to understand all available options in the beginning stages of that process. While most spouses are familiar with a traditional litigation approach, they may not be aware of the advantages available through collaborative law. A collaborative divorce is simply one in which both parties agree to work together to reach an agreement outside of court. For many families, there are a number of property division advantages that come with a collaborative divorce.

Consider moving expenses during property division negotiations

Divorce brings about a great many changes in the life of a Pennsylvania resident. For many, moving out of a shared home and into a new place is one of the biggest changes that will take place during a divorce. That process can be costly, and it is important to consider those expenses while negotiating a property division settlement. Reaching an outcome that allows both spouses to enjoy a degree of financial stability should be a shared goal of every divorcing couple.

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