A common aspect of property division during a divorce is handling the mortgage on a family home. It is common for Pennsylvania residents to run into trouble with a mortgage if it is not handled correctly during the process. This can cause problems far down the road when one party is trying to buy a new home after the divorce.
Typically, inheritance money is considered to be separate property whether it was acquired before or during the marriage. However, inheritance may be considered martial property if it was comingled. For instance, if the money was put into a joint account or used to improve a marital residence, that money is now considered marital property. This is generally true whether the money was intended to be shared with a spouse.
As many divorced couples in Pennsylvania might corroborate, one of the most contentious issues during a divorce is property division. In large part, that is because assets include not only present financial assets and real property but also retirement accounts, digital accounts and even some unexpected things like pets. It is important to consider each of these areas while dissolving a marriage so that your property rights are protected.
Before a husband and wife divorce in Pennsylvania, they may choose to legally separate. When this occurs, the two parties may come to a written agreement called a separation and property settlement agreement. This agreement spells out who gets custody of the child, when visitation may occur and whether or not spousal or child support payments will be made.
Pennsylvania couples who choose to end their marriage often are able to resolve issues involving such matters as property division and spousal support on their own. However, when they are unable to agree, the court will make these determinations. Pennsylvania statutes set forth a variety of factors that the court will consider when making a property division order.As is the case in most other states, Pennsylvania follows the principles of equitable distribution, and thus the resulting division is not necessarily equal.
A couple going through a divorce will need to deal with the division of marital assets and debts. After the filing of the divorce complaint, either spouse may request that the court divide debts and assets held by the couple. This will be handled under the principle of equitable distribution that governs property division in Pennsylvania.
If a Pennsylvania resident has been through a divorce, they may understand that the process of dividing marital property can at times be difficult. Therefore, if they are considering getting remarried, they may wish to take precautionary measures that could help such proceedings move more smoothly in the event of another divorce. Creating certain legal documents could better ensure that property division does not become overly drawn out.
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.
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.
When the topic of separation is broached between a Pennsylvania couple, one or both parties can feel taken aback by the implications of such an action. While some individuals may feel that they are unable to handle the dissolution of their marriage, there are many decisions that will need to be made in the near future, and focus on those decisions could be paramount. As many individuals feel very strongly about certain assets, giving attention to property division can be prudent.