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Divorce Archives

How to financially plan for life after marriage

Ending a marriage can lead to significant financial and emotional turmoil. Ideally, Pennsylvania residents who are in this position will address the potential financial changes that a divorce can bring head on. This means taking a look at how much money they are making as well as what a person's expenses are after the marriage ends. It can also be worthwhile to account for paying off some or all of joint debt accrued with a former spouse.

Why women are the main initiators of divorce

Women are typically known for being relationship-oriented and more focused on settling down with a marriage partner than their male counterparts. Although there are plenty of gray areas to this, men are conversely known for their hesitancy with commitment. However, when couples do get married, studies have shown that it is the woman who is more likely to initiate a divorce nearly 70 percent of the time.

Possible advantages of keeping a home in divorce

Some women in Pennsylvania may want to consider keeping the family home in a divorce. A study by the Center for Retirement Research found that households where no divorce had occurred had a net worth that was 30 percent higher than those where there had been a divorce. The study also found that divorce meant a 5 percent higher likelihood of running out of assets in retirement. However, women who were single and divorced tended to be in the same situation financially as women who never married, and the reason seemed to be because they kept the home.

Key divorce pitfalls to avoid

It can be easy for divorcing spouses in Pennsylvania to make mistakes that cost them money. For some, it is because they have no formal financial education. At a minimum, an individual should create a balance sheet that lists their assets and liabilities. They should also be able to analyze a tax return, and an accountant or other adviser could assist the spouse in doing so.

Alimony payments aren't just for men anymore

According to a study from the American Academy of Matrimonial Lawyers, women in Pennsylvania and throughout the country are increasingly being asked to pay alimony. Of the lawyers surveyed, 45 percent said that the number of women paying spousal support had gone up in the past three years. Furthermore, 54 percent said that a larger number of women were paying child support. This is largely a consequence of females earning more money than they did in previous decades.

Surprising reasons for gray divorce

People over 50 are getting divorced at higher rates than any other age group. There are several potential reasons for the dramatic increase in divorce rates among seniors in Pennsylvania, but researchers found some interesting trends when they interviewed individuals in this age group. Although the aging American population may play a role in the overall numbers, the findings were somewhat surprising.

Business and divorce can come hand in hand

Pennsylvania entrepreneurs can face the same challenges as everyone else when it comes to marriage; statistics show that almost 50 percent of marriages in the country end in divorce. However, business owners can also deal with unique challenges that are exacerbated by their responsibilities and commitment to their company. Some divorces can be related to an entrepreneur's ability to prioritize their marriage and their business. There are some specific conflicts that can arise among couples for whom entrepreneurship is important.

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