Berman & Asbel, LLP

Preparation could be key in Pennsylvania high asset divorce

When a Pennsylvania resident decides to go through with divorce, they will likely have many aspects to consider. High asset divorce cases could lead to individuals hoping to determine which property and accounts they could remain in ownership of. However, it is important for parties to remember that property division is only one aspect of the proceedings, and focusing on other issues may also be important.

Because individuals with a considerable number of assets may be used to living a certain lifestyle, they may feel as if trying to gain all they can in the property division proceedings could be the most important. However, it is important to understand what certain property is truly worth, and if owning that property as a single individual will be helpful to a situation. Some property may still require payments that could possibly be more difficult to make on a single income.

Instead of focusing a considerable amount of energy on property division, some parties may wish to put their attention on custody and visitation agreements for any children who may be involved. In some cases, this aspect could be the most valuable of all, and a party may regret not preparing better for custody proceedings. By assessing the situation and setting goals, individuals may be better able to determine what they value and create plans to make the most out of their situation.

High asset divorce can be more complex than other divorce situations. Therefore, preparation could be very helpful as parties enter into their negotiations and agreements. Pennsylvania residents may wish to explore their options regarding divorce aspects and the various proceedings to ensure that they properly prepare and understand how to work toward their goals.

Source: marketwatch.com, "Divorce isn't just about the money grab", Larry Stein, July 28, 2014

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