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Pennsylvania taxes could play a role in property division

Many Pennsylvania residents know that there can be numerous financial issues that go along with divorce. Not only do certain fees come into play, but property division can also have effects on the tax situation as well as how much money an individual may be entitled to from certain accounts. Therefore, it is important for parties to understand how property division may financially affect them.

Because many assets may still be subject to taxation, it is important for individuals to consider the worth of certain property from an after-tax perspective. This perspective will allow the individual to better understand how the worth of that property will affect them financially. By maintaining property with lower tax exposure, a party may be better off money-wise.

Retirement accounts are also subject to property division. Such funds can be examined and potentially considered and divided in order to come to terms on alimony, child support and other post-divorce financial aspects. When it comes to transferring retirement benefits during divorce, certain penalties for early withdrawal will likely not apply due to the circumstances.

Property division can have many sides from which it should be considered. Some parties may wish to hold on to certain property due to the sentimental value of the asset, while others may wish to consider the process strictly from a financial perspective. Either way, it is important for Pennsylvania residents to understand how the division process is carried out in their state and what legal steps may help them maintain ownership of their desired property.

Source: nerdwallet.com, "Divorce: Making Sense of the Confusion", J. Kevin Stophel, June 3, 2014

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