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property division Archives

Retirement funds can be major divorce issue

When couples in Pennsylvania move toward divorce, the financial issues surrounding the end of a marriage can be more challenging and difficult than the emotional and practical concerns. In many cases, retirement funds are the most significant and largest asset of a couple handled as part of a divorce settlement. As these savings are often the largest single asset at stake, dealing with them requires a high degree of precision and attention.

Potential issues in dividing an art collection

Some couples in Pennsylvania that are going through a divorce may face some complexities around property division, such as the division of an art collection. Even if a couple has a prenuptial agreement in place, it may not specifically address the art, or it could be declared invalid.

A 401(k) may be part of asset division in a divorce

People in Pennsylvania who are thinking about ending their marriages know that property will be divided between the spouses. What they may not already know is that a 401(k) is also eligible to be divided. It is possible for a court to accept the designation and documentation of a transfer of retirement funds to an ex-spouse as long as they are in line with legal requirements.

Case demonstrates the importance of terminology in divorce cases

Pennsylvanians who are planning to divorce should be aware that their divorce court orders regarding property division may be invalidated if their spouses subsequently file for bankruptcy in certain cases. A recent decision in Georgia illustrated the point that family courts do not have jurisdiction to make orders affecting the ability of bankruptcy courts to decide what debts are dischargeable.

Dividing the marital home in divorce

Individuals in Pennsylvania and elsewhere across the country who are hoping to avoid any costly missteps during the divorce process may want to pay particular attention to their options regarding the marital residence. The question of what to do about the house might be best addressed when the parties clearly understand the effect of the divorce on their home, taxes and mortgage.

Getting divorced: What will happen to your assets?

Getting divorced is a life-changing event that people do not take lightly. In addition to the emotional trauma and familial changes that you will like experience, your financial stability and future can change dramatically. This is because when you get divorced, you have to split up your marital assets.

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