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...
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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...
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...
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...
Divorce and family businesses
A family business can be a significant asset. Pennsylvania couples who own one should take certain steps to protect their investment in case they get divorced.A prenuptial agreement is a legal document that can detail what will happen to the business if its owners...
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...
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...
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...
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...
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...