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Divorce Archives

Divorce can have a significant financial impact

Since 1990, the divorce rate has doubled for those who are over the age of 50. There can be a variety of negative consequences for older Pennsylvania residents and others who experience the end of a marriage. Research has discovered that those who go through a divorce at an older age may be more depressed than those who lost a spouse. The financial impact can be significant as well.

Prenups help avoid painful divorces later

For some people in Pennsylvania, prenuptial agreements seem to be a matter only for the wealthy or major celebrities. After all, prenups can be an important mechanism to protect people with major assets, family businesses or large inheritances in case of a divorce later on. However, many people of all financial backgrounds can benefit and protect themselves through the use of premarital agreements. Investing in a prenup early on can save not only on attorney fees but also on the more fundamental expenses that can come with a divorce down the line.

Student loan debt: divorce and division

In Pennsylvania and across the United States, married couples often feel stress when they decide to get divorced. In addition to emotional issues, couples must divide their accumulated assets and debts. Student loan debts are more complicated because the court needs to determine which spouse must pay back the loan. One common rule is that a student loan debt occurring before the marriage belongs to the person who took out the loan. The other spouse is not normally accountable for the loan because the court deems it as separate property.

What may happen if a spouse loses a job during divorce

A person in Pennsylvania who is going through a divorce might be concerned if a higher-paid spouse loses a job during the process. The lower-earning spouse might be worried about whether the spouse can continue paying support during this time or even worried if the spouse is being entirely truthful about the circumstances around the job loss.

Documents divorcing women are often advised to gather

Women ending a marriage in Pennsylvania have many things to consider. If there are significant personal or professional assets involved, one of the main things to consider is finances. Women in this situation are typically advised to gather certain important documents before officially untying the knot.

Couples are more likely to divorce when the wife earns more

Many older Pennsylvania residents will remember a time when husbands were expected to be the primary bread winner. However, that expectation is no longer the norm. In today's world, almost 40% of wives earn more than their husbands. While some couples are fine with this arrangement, it may lead to marital problems. According to a 2016 Harvard University study, there is a 33% higher risk of divorce among couples when the husband earns less than the wife.

Balancing divorce with work

Some divorcing spouses in Pennsylvania may be concerned about how to balance a professional life with a marital separation. One important strategy is to compartmentalize the divorce from work life. Things may arise during the work day, but soon-to-be exes should try to set aside a certain amount of time to deal with the divorce and focus on work the rest of the time.

Steps to take after a divorce is finalized

Typically, there are still actions that need to be taken after a divorce in Pennsylvania has formally concluded. First, it will be important to make changes to a health care policy. If a person was on a former spouse's policy, it will be necessary to find a new individual policy. If a spouse was on his or her ex's policy, that person will need to be removed as soon as possible.

Refinancing or assuming a mortgage after divorce

When couples in Pennsylvania get a divorce, one partner may decide to keep the marital home. Even in this situation, both spouses might decide that they will remain on the joint mortgage. This can be risky because a missed payment will affect both of them even if only one spouse is still living in the house and paying the mortgage.

Factors to consider when selling a house during a divorce

Pennsylvania residents who have gone through a divorce know just how stressful it can be. One of the things that can add to the stress of divorce is deciding what to do with the marital home. Some options that are often looked at include selling it and dividing the proceeds, buying one spouse out, or keeping the home and renting it out.

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