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Property Division Archives

Your property division checklist

There are so many things to keep track of in a divorce that it can be easy to forget what's important. It seems like each area has its potential issues and problems that estate planners have to address. Take asset division, for example. If you forget to consider capital gains tax liabilities on a valuable piece of property, you could be in serious trouble.

Closing joint bank or credit card accounts

If Pennsylvania residents want to close a joint bank account, they may be wise to get permission from the joint account holders. Good communication prior to closing the account may reduce the possibility of a misunderstanding as to where the money goes. When a couple has a joint account and decides to end their marriage, it will likely be necessary to split the money.

What to do with a house during a divorce

Some Pennsylvania residents who are getting a divorce might want to try to keep the family home. Often, this may be for emotional rather than practical reasons, and doing so may not be financially feasible. There are a number of factors that should be considered including the home's value, whether the person is employed, and whether the person can refinance or buy out the other party.

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.

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