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Posts tagged "Property Division"

Who gets the house after a divorce?

When a couple divorces in Pennsylvania, a common concern is what will happen to the family home. It is often the case that a house or condominium is the most valuable asset the couple owns. In addition, homes can have sentimental significance, creating a potential source of conflict between the spouses.

What a QDRO does in a divorce

When a Pennsylvania married couple seeks a divorce, they may have to create a Qualified Domestic Relations Order. If one person has a retirement account, their spouse may be entitled to assets in the account. Retirement accounts usually have early-withdrawal penalties, but a QDRO prevents these fees from being assessed if they are paid out as a result of a divorce.

Family court can't overstep its bounds regarding bankruptcy

It is important for Pennsylvanians to be careful with the way that they use language in their property division agreements in order to avoid problems if their estranged spouses subsequently file for bankruptcy protection. While child support and spousal support are both considered to be non-dischargeable in bankruptcy, other ordered or agreed-upon payments may be discharged by the bankruptcy court regardless of any family court order or agreement.

Selling or keeping a home during divorce

Divorcing Pennsylvania couples will need to divide their marital property as part of the process, and this could include a home. While one person might want to remain in the home, that person should consider whether doing so might be difficult emotionally. They should also make sure that they will be able to afford the mortgage on just one salary.

Safeguarding your assets during divorce

As Pennsylvania residents may realize, getting a divorce might be costly, particularly when one of the partners may have to start over. Having to purchase items for a new home such as furniture, kitchen supplies and linens might be added onto alimony payments, child support and other costs. Protecting oneself during a divorce is important.

The need for advice for finances during divorce

The idea of going through a divorce might be stressful, which could prompt some Pennsylvania couples to attempt to rush the process in order to put it behind them. However, a rushed divorce can lead to serious financial difficulties for one or both parties. It is helpful to enlist the aid of a financial adviser during the process to ensure that the matter's financial implications are considered carefully.