The end of a marriage is often an emotionally draining event, especially when children are involved. However, there are financial implications of a divorce that should not be overlooked or ignored. For instance, an individual may need to pay more for utilities, rent and other expenses that may have been covered in the past by a spouse's second income. Even if an individual is receiving alimony or child support, overall expenditures may rise.
Many people in Pennsylvania are concerned about what will happen to their assets after they die. They may also be concerned about who will look after their children, as well as who will handle their finances after death. Creating a will is the primary way that people maintain a semblance of control over their affairs after death.
Pennsylvania residents who are planning their estates may want to think about creating revocable trusts. A revocable trust is an estate planning document with the power to do a lot more than a will. While the grantors of revocable trusts are alive, they can make as many changes to the trust document as they wish. The provisions in the trust become irrevocable once the grantor dies.
Pennsylvania readers may be interested to learn that couples who have a baby before marriage are no more likely divorce than couples who get married before having a baby, according to a new study. The research was conducted by the nonprofit group Council on Contemporary Families.
Pennsylvania residents may not be aware of the various considerations that go into the estate planning process. A will is not the only option available and may not be the best for everyone. Beneficiary designations and retirement plans make it possible to designate assets without going through the arduous process of probate. Automobiles and residential properties are often easy to distribute, but assets that are held in the name of one person often go through probate by default if no other arrangements are made.
Much is at stake in the administration of a loved one's estate, and it is not uncommon for executors to feel overwhelmed, especially with particularly complex estates or if the deceased's instructions are complicated or ambiguous.
Pennsylvania fans of actors Ben Affleck and Jennifer Garner may have followed news of their divorce. They may have also heard that the couple released a statement saying that they were choosing mediation for the sake of their children. While many divorcing celebrities choose mediation because it is more private than litigation, Affleck and Garner are unusual in specifically announcing that they are doing so because they believe it to be in the best interests of their children.
Parents in Pennsylvania who are divorcing might wonder how child support is determined. One of the major factors in determining child support is income.
Pennsylvania WNBA fans may be interested to learn that, on Aug. 20, it was announced that a judge denied Glory Johnson's request for alimony from her ex-wife Brittney Griner. The pro basketball player reportedly requested $20,000 a month in addition to attorney's fees.
Because divorce is so prevalent in society, those entering into marriage in Pennsylvania may take a realistic look at the statistics as they prepare to merge their lives. In many cases, adults wait until their careers are well underway to think about marriage, and they may have significant assets as they tie the knot. In such a case, a prenuptial agreement may make a lot of sense so that these assets aren't lost in the event of a divorce. However, those with wealth or marrying later in life are not the only individuals who could benefit from premarital financial planning. Any couple might use a prenup as a method for creating a financial plan for life together.