Pennsylvania couples might wish to take precautions to protect themselves in the event a marriage fails. It is important to understand what constitutes joint and separate property while safeguarding assets when possible.
Pennsylvania couples who are getting a divorce might make costly mistakes if they do not have a good grasp of their finances. They may think primarily of dividing assets in terms of things like their vehicles, their home and their bank account, but other aspects of property division might be more complex.
Pennsylvanians who follow the show "Flip or Flop" may have heard that its stars, Christina and Tarek El Moussa, are divorcing. While it is rumored that the show will end after the pair film the last few episodes under their contract, reports indicate that nothing has been finalized.
The fact that divorce has become more acceptable in recent years may be one of the reasons that couples with long marriages are more frequently calling it quits. Additionally, issues such as empty nest syndrome may be creating voids in the lives of the elderly, leaving couples at odds and finding little in common. A Pennsylvania couple finding themselves in this situation should be proactive as divorce proceedings are initiated.
Pennsylvania residents who divorce after 10 or more years of marriage might be able to draw on their spouse's Social Security benefits after retirement. However, there are a few limitations. They can only draw on up to 50 percent of the spouse's benefits, and they can only do so if their spouse's benefits are greater than their own would be. They also cannot be remarried although if they remarry and they divorce again or their spouse dies, they can draw on the previous spouse's benefits. They can begin drawing on their former spouse's benefits even if the other spouse has not done so yet, but it must be at least two years since the divorce.
Pennsylvania is one of 28 states that have legalized the use of marijuana for medical purposes, and the recreational use of the drug was approved by voters in California, Maine, Nevada and Massachusetts on Nov. 8. However, cannabis remains a Schedule I drug under the 2012 Controlled Substances Act, and the success of several marijuana-related ballot measures has prompted the Federal motor Carrier Administration to release a statement clarifying its position on the drug.
Pennsylvania residents who are going through a divorce may be concerned about dissipation of assets. This occurs when one spouse wastes assets in an effort to keep the other spouse from receiving their fair share of marital property. It might be done through spending money on a new partner, gambling or some other means. While the amount spent might be relatively trivial for high-earning individuals who know they can earn the money back after divorce, for people who have not worked outside the home in years, that share of the marital assets could be crucial in getting on their feet financially after the divorce.
Financial issues that a spouse brings into a marriage can be a significant contributing factor in ending a marriage. Any Pennsylvania resident who is considering getting married should understand the importance of discussing financial matters before marrying his or her spouse.
Many Pennsylvania residents may have heard that Angelina Jolie has filed for divorce from Brad Pitt. While celebrity divorces are not rare, theirs is an interesting situation. During the 12 years they have been together, they have made more than half a billion dollars and added six children to their family. Considering that they did not marry until 2014, some observersare interested in how the division of their significant assets will be handled.
Many parents in Pennsylvania hope to put some money aside for their children's future educational expenses. A typical college fund may be in the form of a simple savings account, savings plan or savings bond. When two parents go through a divorce, the college savings that they have accumulated for their children will be considered a marital asset that has to be divided.