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Wexford Pennsylvania Family Law Blog

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.

The big 3 co-parenting questions

If you and your ex share custody of your child, one of the biggest challenges you face is learning how to co-parent. This is, in some ways, similar to parenting together during your marriage. You need to make important decisions, make sure you communicate well, stay involved with the children and put their best interests first.

In many other ways, of course, it is very different. Now that you aren't married, you have to split up the time that you spend with the kids. Though you are still co-parenting, you're each doing it individually. You're doing it in different homes and with different living situations and schedules. You may also not see eye-to-eye on some issues, which may be more likely to cause conflict now that you're no longer together as a couple.

Financial assessment important when going through divorce

Getting divorced is never an easy experience from an emotional standpoint. However, it can also be challenging from a financial standpoint, and this is true whether a couple has few assets or many high-value assets. Here are a couple of important moves to make to protect oneself financially when going through  divorce in Pennsylvania.

First, creating a comprehensive budget is essential for developing a strong understanding of one's financial situation. The reason for this is that the budget offers a look at what a person's expenses are compared with his or her income. For the budget to accurately reflect the individual's post-divorce situation, it should not include any income that the future ex generates. However, it can include any spousal support that he or she anticipates receiving.

Getting a new financial advisor a wise move following divorce

Getting divorced makes it possible for two married individuals in Pennsylvania to finally break free from each other and move on with their lives. However, research shows that many women still decide to stick with the same financial advisor that the other party used prior to the divorce. In reality, it may be beneficial to start fresh with one's own financial advisor.

Divorcing women may especially want to seek their own advisors if their spouses tended to have closer relationships with the advisors they had during the marriage. In this situation, divorce presents an opportunity to talk to other advisors and find out which ones may best represent their needs. In this way, they can have advisors who can tailor their financial services to them, rather than to their ex-spouses.

Tips may help with navigating emotional process of divorce

When an individual in Pennsylvania decides to get divorced, it's natural to experience a range of emotions. A part of the person may feel relieved and ready to move on with his or her own life. At the same time, the individual might feel unsettled, as divorce is inherently a life-changing event. However, a couple of tips may help those going through divorce to feel confident heading into the process.

First, it is critical that individuals who are getting divorced to practice self-care. This is necessary because engaging in emotional discussions with a future ex and navigating mediation sessions, for example, can leave a person feeling physically and emotionally drained. Proper self-care includes getting plenty of rest at night, utilizing calming techniques for alleviating stress and eating healthy meals.

Prenuptial agreement can make divorce process smoother

Younger individuals today are waiting until they are older to marry, and in the meantime, they are accumulating large amounts of wealth in many cases. In other cases, they are accumulating large amounts of debt. For these reasons, it is a good idea for people in Pennsylvania to create prenuptial agreements before they get married in the event that divorce is inevitable for them down the road.

Even though marriage is all about trust and love, in reality, it also involves the merging of assets. When two people get married, they are essentially entering into a contract. Therefore, it only makes sense that certain conditions and terms are established that are favorable to the two parties getting married.

How to break the news about divorce to your kids

It's a conversation you don't want to have. You dread talking to your children about divorce even more than you worried about asking your spouse for the divorce in the first place. You knew how to have that adult conversation, and you knew what you wanted. But how do you explain all of that to the kids?

What do they know already?

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