If a divorcing Pennsylvania couple has an art collection, dividing it may be complex. In several high-profile divorces, what happened to the art collection become a major point of contention.
Pennsylvania couples who are planning their marriages might want to consider a prenuptial agreement, and they might want to think about a post-nuptial agreement if they are already married. While it may be impossible to imagine a divorce before even getting married, a prenup can actually strengthen a relationship and can protect people later if the marriage falters.
When Pennsylvania spouses who are over the age of 50 decide to separate, they could face some unique challenges. This is due to the fact that these older couples are most likely getting ready for retirement.
While inheritances are often considered separate property when Pennsylvania couples go through a divorce, inherited IRAs are playing a growing role in property division. Individual retirement accounts and other types of retirement funds are often some of the most significant assets held by a couple. Even when the couple has significant wealth, these accounts are often some of the largest, and their division requires a specific court order in order to protect their tax-favored status.
A new custody trend among separating Pennsylvania couples is generating interest across the social and legal spectrum. Known as "bird nesting," it is providing an alternative solution to the question of where the affected parties will live.
Some Pennsylvania couples who are getting a divorce may need to sell their home. According to one survey, this happens in nearly two-thirds of divorces. Selling the home can be an emotional process. However, there are steps that can make it less difficult.
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.
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.
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.
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.