Although prenuptial agreements present a legal tool for establishing ownership of assets between married people in the event of a divorce, not all Pennsylvania couples with asset protection concerns have one. Other legal options, however, enable a person about to enter marriage to establish that certain assets, like real estate and businesses, are non-marital assets.
For some Pennsylvania couples who are going through divorce, property division is simple and straightforward. When the couple rents a home, there's no concern about dividing the property. The couple can find separate places to live once the lease runs out. However, when a couple owns a home together, there may be more of a challenge posed. In rare cases, a couple with the means to do so may retain joint ownership of the home and sell it when the market seems ideal. However, it's commonplace for one member of the couple to buy out the other's half of the home. The home can also be sold and the profits split.
One of the most difficult issues that can arise when successful couples divorce is the division of property. The main asset types for property division include real estate, retirement funds and benefits, business and professional practice valuations, investments, stock options, life insurance policies, intellectual property, inheritances, trusts and additional property items of value. In all of the arrangements made splitting up material items during divorce proceedings in Pennsylvania, the retirement assets often get lost in the assortment.