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.
When Pennsylvania couples find themselves headed for both divorce and bankruptcy courts, they might want to take a step back and consider which to file for first. That's because one could have a substantial impact on the other.
Pennsylvania residents who are going through a divorce may suspect that their spouse is trying to hide assets. A few red flags that indicate this may be happening include concealing details of financial transactions, unusual withdrawals from bank accounts and rerouting of mail. It may be necessary to hire a forensic accountant in order to detect this financial fraud.
Divorces in Pennsylvania are often stressful, especially when spouses own assets that are not easy to divide. One type of asset that is particularly difficult in that regard is a business that is operated by one or both spouses.
Pennsylvania couples whose marriages are ending will likely find that one of the more complicated issues is often property division. They may also come to realize that dividing up debts can be just as stressful. Having some idea of how to split debts before divorce proceedings get under way may simplify the process. Couples contemplating a divorce need to put together a complete picture of their finances before decisions are made.
Many Pennsylvania couples who are planning on getting married opt to negotiate a prenuptial agreement prior to tying the knot. This type of agreement protects separate property in the event that the couple decides to get a divorce later on. However, not all couples chose to sign a prenuptial agreement, and while these agreements are often recommended, there are other ways that individuals can protect their separate assets.
Individuals in Pennsylvania who are divorcing may want to consider using a mediator to negotiate issues such as child custody, support and property division. While mediation is not the right solution for every couple, in some cases, it can be less expensive and less stressful than a divorce that takes place in a courtroom between two adversarial parties.
When an artist creates a painting or any other work of art, he or she may believe that the art belongs to them alone. However, the courts see things differently. According to the law, that artwork must generally be considered as marital property. Therefore, it must be split in an equitable manner when an artist gets divorced.
When a couple gets divorced, they must decide what they are going to do with any joint insurance policies that they have. For instance, a couple might have been covered under a single health insurance plan. If that is the case, the spouse who is no longer covered may need to get their own coverage through their employer. A spouse may also be entitled to COBRA coverage, which entitles them to the same policy that they had if they pay the entire premium.
As many Pennsylvania residents who have gone through one likely know, divorce is not only emotionally difficult but can also be very expensive. While there is a common perception that lawyers are responsible for the high cost of divorce, the truth is that couples have a great deal of control over the cost of the process. Essentially, the more quickly a couple can agree on the issues in their divorce, such as alimony, child support, child custody and property division, the less the divorce will cost.