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Wexford Pennsylvania Family Law Blog

Cryptocurrency can make property division complicated

During the process of getting a divorce in Pennsylvania, it is natural for two spouses to fight over money. However, in today's high-tech world, dealing with cryptocurrency, like Bitcoin, when addressing property division is a completely different matter. For this reason, having cryptocurrency as an asset may make a couple's divorce process more complicated.

Cryptocurrency is essentially virtual currency. This type of currency is surging in popularity. The problem, though, is that the cryptocurrency market is largely unregulated, meaning that owners of this type of currency can easily hide their assets -- including during divorce proceedings.

Prenuptial agreement may help with late-in-life divorce

When individuals in Pennsylvania marry early in life, they often expect to stay married for decades. Because divorce is not readily on their minds, they might not think about drafting prenuptial agreements. However, drafting a prenuptial agreement may especially be expedient if two people with significant assets are getting married later in life.

In a late-in-life prenuptial agreement, two soon-to-be spouses can explain how they intend to financially support themselves going forward. In addition, they can highlight how they plan to withdraw their retirement assets according to their personal wealth levels. As an example, one person might have a big retirement plan, whereas the other person has a small one. They might agree to use the larger of the plans and just use the smaller plan for taking out small distributions.

Your child is entitled to fair child support

Child support is an important financial support given to one parent who has their child in their custody more often than the other parent. For instance, if a mother and father share custody but the father has custody 75 percent of the time, the mother may pay child support to provide for the child while in the father's care.

Child support is used for a variety of purposes. It doesn't have to be used for the child specifically. It may be used toward rent for a better home, to buy groceries or to participate in activities. For the most part, it's up to the parent receiving the funds to decide how they're best used.

More millennials preparing for likelihood of divorce with prenups

The marital breakup process in many cases is inevitable, and it is often painful for those involved. For this reason, it may not come as a surprise that more millennials in Pennsylvania and elsewhere are opting to develop prenuptial agreements, or prenups, before they get married. In fact, new research indicates that more than 50 percent of attorneys recently saw a rise in these types of agreements among millennials, as members of this generation are increasingly interested in protecting themselves in the event of divorce.

In millennials' prenuptial agreements, they often cite their main reason for creating the agreements as the desire to protect their separate property. Other reasons for putting together these types of agreements include property division and alimony. Young adults value prenuptial agreements because they are generally settling down much later in life than previous generations did, so by the time they get married, they often have more assets to bring into the marriage than their parents did.

Bad decisions can haunt a person financially years after divorce

In addition to fighting over the children, fighting over shared assets is a common occurrence during the marital breakup process in Pennsylvania, no matter what a couple's net worth may be. Unfortunately, if a divorcing spouse makes unwise decisions when tackling shared assets, this may come to haunt him or her long term. Two decisions in particular can have ill effects that last years following a person's divorce.

The first of these decisions is not closing joint accounts. Perhaps a woman decides to take on the payments for a certain debt. The woman's future ex-husband may still be held responsible for it if his name happens to be on the debt account. This is the case because the contract that the couple entered into with the creditor predates the couple's divorce, which means the creditor has no obligation to abide by their divorce contract. In light of this, it may behoove the couple to transfer the debt to an account featuring the wife's name only and then shut down the joint account.

Divorce does not have to destroy the family

Sometimes, getting divorced is inevitable if two married individuals have irreconcilable differences. However, the divorce process does not necessarily need to destroy the family members' relationships. Here are a couple of steps that divorcing spouses can take to minimize the hostility often associated with divorce in Pennsylvania and elsewhere.

First, before tackling property division, if the two spouses have minor children, they may want to sort out their custody matters first. Being on the same page in this area may, in turn, make their financial discussions much easier later on. Regarding custody, the two parents will need to discuss how to handle legal and physical custody. A parent who has legal custody can make decisions about the children's upbringing and welfare -- for instance, what religion they will be taught and what type of medical care they can receive. As far as physical custody, the children will live primarily with the parent to whom it is granted.

Divorce process can indeed be amicable

The dissolution of a marriage in Pennsylvania can understandably be a lengthy and emotionally exhausting process. For this reason, two divorcing spouses can quickly become hostile as they try to settle their divorce. However, two tips might help these parties to make their breakup as quick and amicable as possible.

First, the two spouses may benefit from trying to understand what actually caused their divorce. Various factors may cause a marital breakup, such as stress on the job, drug abuse, medical problems or infidelity. If the two individuals can determine what behaviors resulted in their breakup and honestly accept this reality, this may give them the closure they need to more peacefully move on from the marriage.

Is your child in danger? Request a child custody modification now

Many Pennsylvania parents will request a child custody modification due to changing life circumstances and -- depending on the situation -- a family law judge may or may not award such a request. That being said, there is one circumstance in which a court will always agree to the modification: when your child is in serious danger.

Ultimately, a family law court will always intervene when the best interests, health and well-being of your child are at risk. Therefore, if your child's life or health are in jeopardy, it's important to start gathering evidence and building a request for modification immediately.

Debt issues can easily spark divorce

A variety of problems can lead to the end of a marriage in Pennsylvania, but in many marital breakup cases, money is the root cause. Specifically, debt is the issue that drives the two spouses apart. Unfortunately, when two people fight about money during their marriage and thus decide to divorce, money can remain a major source of conflict during their divorce proceeding, too.

Research shows that over half of couples enter their relationships with debt. In addition, according to 40 percent of them, their financial burdens end up negatively impacting their relationships. Those who bicker frequently have a 30 percent greater chance of getting divorced.

Postnuptial and prenuptial agreements offer help during divorce

When two individuals decide to marry, they generally expect their marriage to last a long time. The reality, though, is that financial problems may quickly cause the marriage to break down. This is why many couples in Pennsylvania are now creating prenuptial agreements before they say their I Do's. For currently married couples who never put together prenuptial agreements, however, there is still hope. They can create what are called postnuptial agreements, which can help them to protect their financial interests in the same way that prenuptial agreements can during divorce.

A prenuptial agreement is designed to explain two spouses' intentions concerning how they use their earnings as well as their assets while married. It also explains how the two parties would like to address their assets in the event of divorce. A postnuptial agreement similarly describes how the individuals plan to utilize their property while married as well as divide it during a future divorce proceeding.

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