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Property Division Archives

Divorce and 401(k)s

Pennsylvania residents who are considering getting a divorce should know what could happen to their 401(k). Although the retirement plan is offered to employees and is not considered a joint asset, it can be divided between employees and their spouses, even if the plan predates the marriage. However, this is only possible if certain criteria related to the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 are met.

Options for dividing a house in divorce

There are several pitfalls that Pennsylvania homeowners who are getting a divorce should avoid. One of those is that if one person plans to remain in the home, that individual should keep in mind that it might present both financial and emotional challenges. People should make sure they will not be bothered by painful memories while in the home and also that they can afford to live there on one income.

Student debt can follow a spouse beyond divorce

Student loans are great tools for helping individuals to achieve their educational and professional dreams. However, large obligations can be among some of the most serious areas of dispute in a marriage. Pennsylvania residents are not subject to the same terms as those living in community property states in the event of divorce. The state's use of equitable distribution, however, may lead to some continuing student loan obligations after a marriage ends.

Who gets the home in a divorce

A home can be one of the more expensive assets that has to be allocated in a divorce. It is preferable that Pennsylvania residents who are undergoing a divorce are able to reach an agreement about what happens to the home. Otherwise, the judge will decide after considering a number of different factors.

Second time around: What you should think about when remarrying

You never thought it would happen again--but you've found love! Older and wiser, you've learned from the experience and you are excited to start your new journey with your new mate. Your divorce is in the past and you don't ever plan on going through another one. Yet, you can't help but wonder: Should you be more prepared before you walk down the aisle this time?

Property division decisions

One of the most important decisions a Pennsylvania resident who is going through a divorce will make is whether or not to keep the marital home. It may be tempting to take a home that has no mortgage on it, and it may be even more tempting when the alternative is to sell and split the proceeds with a former spouse. However, it may be a good idea to talk with an adviser about whether staying or selling is the right decision.

Divorce mortgages may be in the offing

Pennsylvania couples who split following many years of marriage might be interested to know about a proposed lending product called a divorce mortgage. News sources say that these mortgages allow divorcing couples to determine who stays in the home they formerly occupied together. The lender would then grant this individual the funds to buy their ex-spouse's old share in the property. Such a system might also include special allowances for loan interest to make it easier for borrowers to repay, sell or buy their properties in full after a predetermined time period.

Divorce and Social Media: Use With Caution

With more and more individuals utilizing technological trends through the use of smartphones, tablets, and other handheld devices, it's no wonder social media has seen such an increase in popularity throughout the years. This popularity is leaching into personal lives, and divorcing couples are no exception.

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