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High Asset Divorce Archives

Divorce can impact credit scores

Divorce can always be full of many challenges for people who live in Pennsylvania and across the United States. From the emotional minefields of the end of a marriage to the financial and practical difficulties, there are a number of concerns for people going through a divorce. One of the more significant issues, especially for people who use credit frequently and value their high credit scores for low interest rates and strong mortgage approvals, is the impact divorce could have on their credit.

Considerations in divorce when one spouse has bitcoin

Some people in Pennsylvania who are getting a divorce might consider hiding any bitcoin assets. This is the advice provided on some websites for people who are divorcing due to the fact that if a person claimed to give away a bitcoin account, it would be difficult to trace.

The impact of divorce on Social Security payments

Pennsylvania residents who are going through a divorce or who have already completed this process know firsthand the impact it can have on their finances. When divorce happens later in life, it can make it more challenging for the divorcing individuals to stabilize themselves as they move on into retirement.

Potentially devastating effects of divorce in retirement

Divorce after retirement can pose challenges younger people might not face when they decide to end their marriages. For example, retired Pennsylvania couples likely planned for their retirement savings to provide for them as a couple. If they get divorced, they have to divide the existing funds and either learn to adapt to a new standard of living or go back to work.

How to separate finances in a divorce

One step many people in Pennsylvania may need to take when they are getting a divorce is to separate their accounts. This includes closing shared accounts that are in both people's names. Doing so can protect someone from a spouse that might clean out an account or run up debt without having to pay. It also offers both people the opportunity to establish separate accounts and individual credit.

Separating finances in a divorce

When Pennsylvania couples get divorced, one of the most complex tasks that they will need to complete is separating out their finances. Over time, a couple's finances can become very intermingled, which can make untangling them a difficult process. It is important to do so so that people can build their individual credit histories while not suffering financial harm from the decisions made by their exes.

Beware of pitfalls when splitting retirement accounts

Some Pennsylvania couples who are getting a divorce might be tempted to try to do it themselves. However, this could be a problem if there is a retirement account that needs to be divided. There could be significant taxes and penalties if it is not done correctly.

Protecting separate property from future divorces

Pennsylvanians who are preparing to get married should take the time to have honest discussions about their finances in advance of their wedding. It is important for people to understand the full picture of their partners' finances in order to protect themselves later.

Hidden assets, division of property and sharing information

Pennsylvania is not a community property state, so property is not split 50/50 in a divorce as it might be in a state like California. One California woman was concerned because although she had been the main earner for around a decade, her husband wanted the entire home and half of her 401(k) in the divorce. He also was sharing information about her finances with his sister. The woman suspected that he was also hiding assets.

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