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Wexford Pennsylvania Family Law Blog

Prenuptial agreements for couples with children

Many couples choose to create prenuptial agreements these days, especially if spouses have previous marriages or bring children with them. When executed properly, a prenuptial agreement is an excellent tool couples can use to protect their marriage and avoid unnecessary financial and personal tension. However, the law does not allow a couple to include absolutely anything they wish in an agreement, particularly when it comes to children.

If you are considering a prenuptial agreement and have children or plan to have children, it is important to understand the agreement's strengths and limitations. If you choose to create an agreement that violates the law or includes execution errors, a court may not uphold it.

Being proactive may help with financial aspect of divorce

Going through a marital dissolution in Pennsylvania can unfortunately wreak havoc on a person's finances. However, making expedient monetary decisions during the divorce process can help to mitigate the negative financial impacts of divorce. Here are a couple of tips for protecting one's financial interests following divorce.

For starters, it is paramount that people who are going through divorce have a good grasp of their finances. As an example, it may behoove them to comprehend how much income they are generating each month compared to their expenses. Taking a close look at their expenses may help them to determine how they would fare financially if they were to pursue certain types of divorce settlements with their future exes.

Divorce can have both emotional and financial impacts

Going through a marital dissolution poses both monetary and emotional challenges in Pennsylvania. Unfortunately, sometimes, facing divorce and the challenges that come with it is inevitable. Fortunately, though, some tips may help divorcing spouses to tackle these challenges early on in the process.

For starters, it may behoove people who are getting divorced to seek help from financial analysts who specialize in divorce. These analysts can provide help with determining the best moves to make when it comes to spousal maintenance or the division of marital property. They can also help divorcing parties to figure out how their decisions will affect them during tax season.

Investment accounts require attention during divorce

Financial squabbles between married individuals sometimes lead to marital breakups. Unfortunately, divorce can bring on a whole new slew of financial issues. Still, if people who are getting divorced understand how to handle their finances, including any investment accounts they have, they can feel empowered during the divorce process. Here are some tips for tackling investment accounts during divorce in Pennsylvania.  

For starters, it may behoove divorcing individuals to ask their particular investment companies how to go about splitting the money in their joint accounts, as different processes exist for different types of accounts. As an example, two divorcing parties may jointly own a brokerage account. In this case, they typically have to write a letter asking that the company close this account then create two new accounts for the two parties.

Factors to consider prior to getting a divorce

Many couples in Pennsylvania have a hard time figuring out when to move forward with marital dissolution if they cannot reconcile their differences. Should they jump into divorce right away, or should they hold off on it and wait to see if things improve? Here's a rundown on important factors to consider prior to moving forward with divorce.

First, it is wise for people to express their unhappiness with their spouses before they file for divorce. A commonly mistaken belief in marriages is that the other party can read one's mind, which simply is not true. However, when unhappy individuals express how they feel with the other party, it is critical that they do this tactfully for the best results.

Child support: Are you paying more than you can afford?

When the court issues you a child support order, it's your legal obligation to make payments in full and on time. Neglecting to do so can land you in hot water with the law, while also impacting the relationship between you and your children.

However, there are times when a court issued child support arrangement doesn't align with your financial means. For example, if a serious life event has occurred, you may no longer have access to as much money as you once did.

Pennsylvania splits assets equitably during divorce

When dissolving your marriage, you may understandably be worried about how the process will impact you financially. This is true whether you have a large number of assets to split or have just a few assets. Here is a look at how the state of Pennsylvania treats assets during the property division process in a divorce proceeding.

Pennsylvania is an equitable division state. This means that courts split marital property in a manner that they consider to be equitable, or fair. When your property is divided equitably, this does not necessarily mean that it will be split equally between you and your future ex. Instead, you may receive 60% of the assets and he or she may receive 40%, depending on a number of factors.

Social media platforms impact marriage, divorce

Social media platforms are becoming increasingly important parts of people's lives, including their marriages. Researchers recently said that these platforms are, in fact, causing divorce in many situations. In addition, they are making the divorce process trickier. Let's take a peek at how social media is affecting marriage and divorce in Pennsylvania and elsewhere.

For starters, social media platforms are reportedly causing distractions in marriages. When people scroll on Facebook or Instagram, for example, they often neglect the types of activities required to keep marital unions solid. In fact, the use of these platforms has even caused tension and arguments in some relationships.

Goal of saving money may lead some couples to divorce

Marital dissolution can easily occur in Pennsylvania if two spouses have differences that they simply cannot reconcile. As an example, in many situations, two spouses may not agree on each other's spending habits. However, the mutual desire to generate cost savings may actually motivate two individuals to get a divorce in other situations.

A brand-new tax act introduced in 2018 requires married couples who earn high incomes to pay more in taxes if they file joint tax returns. If they earn more than $612,000 yearly, their tax bracket is 37%. In light of this, some spouses who earn high incomes may contemplate filing for divorce so that they will pay less in taxes. However, this may have unintended financial consequences.

Divorce tips may help to make this process simpler

The marital breakup process in Pennsylvania can certainly be tough financially, but it can be especially challenging emotionally. This is particularly the case for the parents of young children who are going through divorce. Fortunately, some tips might help with making this life-altering process more palatable.

For starters, when people are getting divorced, it would behoove them to concentrate on what is actually within their control. As an example, divorcing individuals cannot necessarily control their future exes' behavior, but their responses to their exes are certainly within their control. In light of this, it is especially wise for parents who are getting divorced to stay focused on what is in the best interests of the children when interacting with their future ex-spouses. This approach may make the entire divorce process less acrimonious and thus more positive for the entire family.

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