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Posts tagged "marital property"

Splitting artistic property in a Pennsylvania divorce

An artist who creates a new work generally owns the copyright to that work. This means that the artist alone can make money from it in the future. However, in a divorce case, any copyrights owned by the artist may need to be shared with the other spouse. In some cases, this means agreeing to put a value on work produced during the marriage whether it is up for sale or not.

Property division and credit considerations

Pennsylvania couples who are preparing to divorce need to be aware that the property division made or approved by the court will also involve a division of the debts incurred during the marriage. Despite the allocation of a debt to one spouse for repayment, however, creditors may legally still try to enforce payment by the other spouse, as they are not bound by these family court orders.

How asset division can affect a 401(k) account

For Pennsylvania couples planning to dissolve their marriage, preparing for how certain retirement accounts may be divided during the asset-division process of the divorce can be helpful. Many accounts may fall into the classification of marital property, thus subjecting their contents to equitable distribution.

Houses and property division in divorce cases

In many cases, a Pennsylvania couple who is divorcing will own a home which they purchased after they were married. Even in cases in which the mortgage of a house that was purchased after marriage only lists one person, the home will still be considered marital property and thus subject to division.

High-asset divorce in Pennsylvania

When Pennsylvania couples divorce, the emotional stakes are often high. For those who are going through a high-asset divorce, the financial stakes pose an additional layer of stress and can involve hundreds of thousands of dollars as well as property. Determining how to equitably divide assets in such a case can be complicated and daunting.

Marital asset and debt identification, distribution explained

When it comes to settling a divorce, Pennsylvania is an "equitable distribution" state. This does not mean that in the process of a divorce the marital property is divided equally. Rather, the marital property is separated based on what is considered fair by the Court of Common Pleas. Because this is a subjective exercise, the court takes numerous factors into consideration before making this decision.

Property division during a Pennsylvania divorce

Pennsylvania couples going through a divorce have several issues to resolve throughout the divorce process. Property division is often a part of the divorce that can quickly turn acrimonious. Spouses may feel entitled to certain items acquired before or during the marriage. If either spouse owned a business during the marriage, there are more items to discuss.

Billionaire couple may have largest ever divorce settlement

Pennsylvania high-profile couples might take an interest in a recent report about oil firm billionaire Harold Hamm and wife Sue Ann. According to court documents, the couple met in an Oklahoma City court the week of August 4, and a New York lawyer said they might have the most expensive divorce in history.

Consideration of retirement accounts in divorce settlements

As Pennsylvania residents who follow social trends know, the American divorce rate for older couples has jumped from mere 2 percent of divorced individuals 50 and over in 1960 to between 11 and 15 percent in 2010. This age-specific evolution changes the asset dynamics of a divorce. Retirement accounts are an increasingly important part of asset division. In one study, almost one-third of divorcing adults were unaware they could claim part of their spouse's retirement account and did not do so.

Protecting financial assets may mean working outside of court

It would be next to impossible for someone in Berks County to not know someone who has gone through a divorce. Times are changing and the negative social stigma that was once associated with divorce is no longer there. People in Pennsylvania and across the country are willing to go through the emotionally draining divorce process for the chance of finding a more suitable partner.

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