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High Asset Divorce Archives

Insurance to cover divorce-related support in case of disability

A Pennsylvania resident who receives alimony or child support because of a court order may depend on those funds to make ends meet. However, the death or disability of the paying party could undermine one's budget quickly. Fortunately, insurance products are available to guard against these possibilities, and in many cases, judges will require some such precautions as part of a divorce order. Life insurance is much more commonly ordered, but an awareness of disability options could head off later financial problems for both parties to a settlement.

Claiming Social Security benefits based on ex-spouses

Many Pennsylvania residents who have gone through a divorce may be interested to learn that they may be able to claim Social Security retirement benefits based on their ex-spouse's earnings, if the marriage lasted at least 10 years. When a person is still working but over the age of 62, they can either elect to receive benefits based on their ex-spouse or strategically wait to claim then at age 66.

Financial planning should start before a divorce

When facing a divorce, some couples in Pennsylvania may expect to continue the lifestyle they led while married. However, when a marriage splits, so do the finances. People who are contemplating a divorce can take some steps beforehand to plan for their financial situation afterward.

Social Security and the timing of a divorce

While the divorce of Jennifer Garner and Ben Affleck may be news due to their celebrity status, there are lessons that many people can take from their case. For instance, the couple is planning to divorce just before their 10th anniversary. Although it is unlikely to be much of a factor for them, waiting to dissolve a marriage until after reaching that milestone could enable one or both parties to claim additional Social Security benefits.

Common divorce mistakes for couples to avoid

Pennsylvania couples who are going through a divorce may not give the financial aspect of the process the attention it warrants. Emotions can make it difficult to make the right financial decisions and often lead to serious mistakes. One of the most common financial mistakes made at this time is when one spouse is unaware of some of the couple's marital property or of general household finances.

Handling 401(k) accounts in Pennsylvania divorces

When people have been married for a long time, they often have built up significant assets, including such things as retirement accounts. When they divorce, 401(k) accounts are often considered to be a part of the marital estate, and thus are subject to division.

Hamm divorce settlement could top the charts

Pennsylvania residents would probably like to know more about an ongoing divorce trial for which the judgment could end up the largest in history. The estranged wife of an Oklahoma oil tycoon stands to receive billions of dollars upon the finalization of her divorce from Harold Hamm, whose estimated net worth tops $20 billion.

Rate of divorce among baby boomers is on the rise

At one point in America's history, there was an unbearable social stigma in ending a marriage. While in some pockets of the country and in some communities, there are still those who will look down their noses at people who divorce, the fact of the matter is that divorce is increasingly more prevalent. As times have changed, it is not just younger people choosing to divorce, but older generations, as well.

Spousal support for same-sex couples?

There is no getting around the fact that there are a large number of same-sex relationships in Philadelphia. And with New Jersey right across the river, many of the people in these couples are legally married. While a handful of states and the federal government recognizes these marriages, Pennsylvania does not. What that also means is that it is unlikely that any Pennsylvania couple who wished to divorce would be unable to do so. While it may not seem like that big of a deal to not be able to divorce, especially when the state doesn't even recognize the marriage, it is for those who are stuck in limbo.