Berman & Asbel, LLP

Property division may intimidate some Pennsylvania residents

Going through divorce can be difficult for many Pennsylvania residents. Parties must deal with the emotional and legal aspects of the process, and some of those processes may seem a bit intimidating. However, there is information available that can help individuals better understand what aspects they should pay attention to during property division and other proceedings.

When it comes to dividing property, it is important that all necessary information is disclosed. Unfortunately, some parties may try to hide certain assets in order to potentially maintain ownership of that property. By gathering information and important documents, individuals may be better able to ensure that all assets are being disclosed and considered as seen fit by the court.

It is also important to understand how certain property and accounts may be affected by taxes. It may appear as if parties are dividing assets fairly, but taxes can play a significant role in the true value of pieces of property. If this is not considered, one party could end up with fewer valuable assets than initially believed. Therefore, having certain items appraised by a third party could be helpful.

There are many factors to consider when working through property division. By learning as much as possible about the situation, a Pennsylvania resident may be better able to make the process work for them. Information could be key in ensuring that a party is not taken advantage of. The outcome of each proceeding will vary, depending on the specific types of property involved and various other factors, including state laws.

Source: yourhoustonnews.com, "Financial items to consider during a divorce", Byron W. Ellis, June 21, 2014

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