Divorce and the difficulties associated with property division
Divorce is a difficult and sometimes very painful process to go through. One of the things that can make it so complicated is the issue of property division. The laws of each state determine property division. Sometimes couples can agree on who will get what when looking at all the assets to divide, but many times couples will fight over assets.
Pennsylvania is an equitable distribution state. This means that if couples cannot agree on how to divide their assets, the court will do it for them. The judge will identify the assets, determine how much they are worth and then consider many different factors to determine who should get what. It is important to remember that equitable does not necessarily mean equal, and that difficulties can arise when determining what is marital property and what is not. This can be especially complicated when the assets involve debt.
Evaluating assets and facilitating the property division process
A couple can have a prenuptial agreement. Though many couples do not want to think about divorce before their marriages even start, these agreements can map out in advance who will get what in case of a divorce. This can be of significant value in lessening the amount of controversy between the couple.
Spouses need to think about what the assets mean to them. For example, if someone is trying to decide between keeping a house that has no remaining mortgage or a large bank account worth the same amount as the house, that person needs to evaluate how much personal meaning each of those assets has. Having a mortgage-free house still comes with expenses, such as upkeep and taxes. In the long run, the bank account may be more beneficial.
Though it is hard to keep emotions from interfering with decisions, it is important to try to think more financially. It is difficult to separate things that may be luxury items from things that people just want, but don’t need. Unfortunately, decisions like this are necessary in order to ensure financial stability after a divorce.
Finding a solution in property division
Making financial decisions in the middle of an emotional and difficult situation such as divorce is difficult enough. Doing it alone can be extremely stressful. Family law attorneys have great experience dealing with many different kinds of divorces, because each case is different. Coming up with creative solutions that work for each situation can be difficult for parties to do themselves. Also, Pennsylvania has its own laws concerning property division, so it is important to have someone who is familiar with the laws and can help guide clients through the process. If you are going through a divorce, contact a Pennsylvania family law attorney to explore legal options.