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January 2014 Archives

Researchers expect rate of divorce to rise with better economy

The economic recession has hit many people in Lancaster hard. From job loss to foreclosure, the slow economic recovery may be a light at the end of the tunnel after what has been a rough handful of years. While many people see the economic recession as drawing people closer together as they navigate a bad financial situation, the truth of the matter is that the dip in divorce rates from 2009 to 2011 may just have been because couples couldn't afford the costs of divorce.

Need for prenup is very real, especially in high asset divorces

Most people know what a prenuptial agreement is, but few want to actually talk about it. It's perfectly understandable to feel this way, as the prenup is a very hard topic to talk about. The discussion will entail tricky financial situations and valuable assets, among the myriad other elements that could come up in a prenup. So the most important lesson to remember about prenups is that before you have the conversation, you want to organize your thoughts and prepare yourself. Remember, as important as the prenup is, the conversation must be approached and handled delicately.

Use mediation to reach a solid property division agreement

Couples in Pennsylvania who are ending their marriage have a long and detailed to-do list ahead of them. For parents, working through child custody matters is the top priority. A close second involves how to fairly divide the family's wealth, so that both parties can move forward with a high level of financial stability. Property division can be a challenge, however, especially when spouses are in disagreement over certain financial matters.

Divorce and postnuptial agreements for the stay-at-home parent

While some people in Lancaster couldn't imagine being a full-time stay-at-home parent, others couldn't imagine having both parents working outside the home. For those families who do have one stay-at-home parent, it may be vitally important to work with a family law attorney to craft a postnuptial agreement. Though it may seem business-like and cold, a postnuptial agreement is an important protection for stay-at-home parents, especially in the event of divorce.

Property division and protecting retirement assets

One of the most difficult issues that can arise when successful couples divorce is the division of property. The main asset types for property division include real estate, retirement funds and benefits, business and professional practice valuations, investments, stock options, life insurance policies, intellectual property, inheritances, trusts and additional property items of value. In all of the arrangements made splitting up material items during divorce proceedings in Pennsylvania, the retirement assets often get lost in the assortment.

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