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High Asset Divorce Archives

Essential financial planning steps for divorce

Pennsylvania law will guide many aspects of a divorce, especially if the former spouses cannot reach an agreement out of court. Because of the substantial financial changes that could result when a marriage comes to an end, legal and financial professionals advise their clients to evaluate their finances before filing. This process would include tracking current income and expenses and taking the time to envision how a budget would work post divorce. This information about meeting daily household needs could be important to the determination of the divorce settlement, including child or spousal support.

Business owners and divorce

When couples in Pennsylvania divorce, financial concerns are quite common. Issues to be decided during the divorce often involve the division of assets, including real estate and retirement plans, as well as the negotiation of both spousal and child support. When one or both spouses own a business, however, this aspect of ending a marriage can become quite complex.

Avoiding divorce mistakes that could cost thousands

In some Pennsylvania divorce cases, people agree to certain property division scenarios that cause them to miss out on thousands of dollars that they might have otherwise been entitled to receive. Some agree to these settlements because of not understanding how property and assets should be divided while others do so to just end their divorces as quickly as possible.

Considerations for older adults who are divorcing

Pennsylvania couples may be divorcing after three or more decades of marriage more frequently than in the past. According to the National Center for Family and Marriage Research at Bowling Green State University in Ohio, in 2014, people at or over 50 were divorcing at double the rate they were in 1990 and people over 65 were doing so at an even higher rate. The process of dividing up lives after so many years together may be complicated both emotionally and logistically. Furthermore, there may be serious financial implications for people who are close to retirement or who have already done so.

Baby boomers divorcing with increasing frequency

According to research conducted by the National Center for Family and Marriage Research, the rate of divorce among baby boomers more than doubled between 1990 and 2010. Pennsylvania couples who divorce later in life face special issues regarding income and finances. A recent survey of 56,000 women showed that older women who divorce are often at a particular disadvantage. The study found that women who divorce late in life are more likely to have full-time jobs between the ages of 50 and 74.

Financial considerations before marriage and divorce

Most Pennsylvania couples who are newly married or planning to get married aren't thinking about divorce. However, it happens to almost half of all new couples. A divorce can easily become an emotional and financial nightmare for those who are unprepared. Getting a relatively clean split from a partner happens with proper preparation and communication. Most of that preparation should happen before even tying the knot.

Divorces and retirement accounts

The National Center for Family & Marriage Research has reported that between 1990 and 2014, the rate of divorce for people over 50 years of age doubled. Over the same time period, the rate for those over the age of 65 tripled. Pennsylvania residents who are approaching retirement age and who are ending their marriages should be aware of how it can affect their retirement assets and what to do to protect them.

Business valuations during property division

The division of property during a divorce for a Pennsylvania business owner could require a business valuation by an independent expert. This number would be used during divorce negotiations. The size and complexity of the company as well as the level of animosity between the divorcing spouses could influence the extent and cost of the analysis.

How to prepare for divorce settlement negotiations

There are many things that need to be considered when negotiating a financial settlement during a divorce. However, the stress of a separation could prevent a person from negotiating the fairest settlement possible. The best way to negotiate rationally is to prepare before the process even starts.

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