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High Asset Divorce Archives

What to do if one spouse seizes assets

People in Pennsylvania who notice unusual financial activity from a spouse may wonder whether that spouse is planning for divorce. For example, one man's wife took the $90,000 they had both received from a house sale plus the $40,000 she got after losing her job and used it to open an account in her own name. The man asked that the money be returned to their joint accounts or that his name be added to the account, but the woman would not do either.

Dividing marital property fairly in a high-asset divorce

Pennsylvania residents going through the divorce process will want to negotiate an equitable division of marital assets to protect their future financial health. Even when they work diligently to achieve this, however, they may overlook certain things that can actually result in an unfavorable division.

The impact of divorce on finances

There is no doubt that divorce can have serious financial consequences. These changes may take some Pennsylvania residents by surprise. It is important for people whose marriages are coming to an end to understand how a divorce may affect their financial situation both during the process and when it is resolved. Remaining secure after a divorce may require people to change how they think about finances.

Avoiding penalties with retirement account division in divorce

Early withdrawal of retirement funds from any tax-sheltered account typically results in a tax penalty. However, there are ways around this during a divorce in Pennsylvania. Current and former federal workers may have a Thrift Savings Plan, which is treated differently from an IRA, 401(k) and other private sector accounts. After a couple or the court decides to divide funds stored in a TSP, certain language will have to be included in the final settlement.

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.

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