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What are the ins-and-outs of high-asset divorce in Pennsylvania?

A high-asset divorce, as the term implies, involves an array of property and assets acquired before and over the course of a marriage. Divorcing individuals who are going through a high-asset divorce, regardless of where they live, may share the same thought: How am I going to deal with so many issues knowing there is so much at stake? If you are in the midst of a high-asset divorce, here are some tips that can help you get through the arduous process.

To begin with, divorces in Pennsylvania fall into one of four categories. The first, due to prolonged mental illness, affects a small number of couples. Mutual consent divorces, as the name implies, require the consent of both spouses to move forward. Like mutual consent, a two-year separation is a no-fault divorce but requires that the spouses be separated for at least two years. Finally, a fault divorce requires one spouse to prove their innocence and that another spouse is at fault.

One of the most important aspects of high-asset divorce is property division. It is imperative that both parties are honest about marital and individual property. Dishonesty can lead to delays in dividing property, penalties and potentially losing the hidden assets. Instead, divorcing spouses should make a list of all property and assets obtained during the course of the marriage. The judge can also decide how to divide property and assets if the divorcing individuals cannot come to an agreement.

Other considerations in divorce include alimony, child custody and child support. While couples going through divorce may want to resolve their case through alternative methods before taking the litigious path, the complexity of high-asset divorce may result in a prolonged dispute.

Source: NLSA.us, "Divorce Law in Pennsylvania," Accessed on Nov. 13, 2014

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