Berman & Asbel, LLP

High asset divorce could impact Pennsylvania retirement plans

As the decades roll on, the percentage of individuals over the age of 50 who are getting divorced is increasing. As a result, these divorce proceedings can at times be especially difficult. Not only do these couples typically have years of emotions to work through, but older individuals also typically have a number of assets as well as benefits that could soon be kicking in. Therefore, Pennsylvania residents going through high asset divorce may need to set their emotions aside in order to ensure that they are being treated fairly when it comes to financial and property division.

One aspect that some parties may wish to focus on as they go through a divorce is their retirement plans. It is likely that their plans had included the spouse that they will soon be separated from, and the money set aside for those plans may soon be divided. As a result, individuals will need to formulate new plans for their retirement and create strategies for how they will handle the sudden loss of certain savings.

If a couple has accrued a significant number of assets that are to be included during the property division process, individuals will need to ensure that they are getting their fair share. If all assets are not considered, one party could end up getting less than they could have. A party could end up with a considerable financial burden if they do not work toward gaining their proper amount, and their retirement dreams could be greatly impacted.

High asset divorce proceedings could become complicated, and being knowledgeable about the value of certain property could make a considerable difference in whether someone receives their fair share. If items are willingly given to the other party without fully knowing their worth, a party could be hurt financially. By understanding how such divorce processes are handled in Pennsylvania, a concerned party may be better able to make the most out of their post-divorce finances.

Source: The New York Times, "Retirement Plans Thrown Into Disarray by a Divorce", Constance Gustke, June 28, 2014

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