Pennsylvania is one of the few states that still categorizes divorces as either fault or no fault. An at fault divorce places blame squarely on one of the parties, while a no fault divorce places no legal blame on either party. In a no fault divorce, if both spouses agree that the marriage is irretrievably broken, a divorce complaint can be filed and after 90 days the divorce can proceed and become finalized. If one of the parties does not consent, however, the parties must be separated for a period of two years before the divorce can go through.
With more than half of all marriages ending in divorce, many couples in Pennsylvania and across America are currently experiencing what it feels like to become separated from a marital union. The divorce process is certainly not ‘one size fits all.’ While some people struggle with financial, parenting and employment issues following a separation, others may have a smoother transition. Nevertheless, it is crucial that people understand what is really important when it comes to letting go of material objects and unnecessary stress and starting a new life.
You and your spouse may have been fairly equal wage earners throughout your marriage in Scranton, Pennsylvania, but typically, income tends to be one sided during a relationship. If you are planning a divorce and you are not the person whose paychecks are the primary support the household, you may be concerned about how your finances will fare during the process. Even collaborative high asset divorces often require expensive professionals such as mediators, therapists, financial experts and attorneys.
More than half of all marriages in Pennsylvania and throughout the country end in divorce, according to statistics from the Centers for Disease Control and Prevention. A number of these marriages involve high net worth couples, who are often faced with a different set of challenges when attempting to split up marital property and assets. For instance, couples who are joint business owners may find it difficult to continue running their business after going through a divorce.
There are a wide variety of life experiences that can have a tremendous financial impact on Americans, such as paying for a child's college tuition and struggling with long-term unemployment. However, for people who are facing a high asset divorce, there are many important factors to take into consideration. At Kalinoski Law Offices P.C., we are committed to helping people in Scranton and other cities in Pennsylvania minimize the possible financial consequences of splitting up with their spouse.
For any couple going through divorce, there may be a plethora of legal hurdles and other challenges (such as emotional issues) that make life complicated. However, in Scranton, and across Pennsylvania, those who are involved in a high-asset divorce may be particularly stressed out. After all, daily life for a high-profile couple can be tricky, but with complex asset division, retirement plans and other matters (such as an offshore account), some people are overwhelmed when it comes to separating from their spouse. At Kalinoski Law Offices P.C., we are committed to simplifying the divorce process for our high-profile clients and understand the potential obstacles they may face.
When someone determines that divorce is necessary, they may face a variety of challenges. After all, from emotional issues to legal matters such as property division and child custody, separation can be incredibly difficult for people in Scranton and throughout Pennsylvania. That said, there are ways that people can simplify the divorce process, such as closely reviewing their situation and figuring out the best path forward. When it comes to filing for divorce, people should do everything they can to make separation easier.
Scranton residents who go through divorce often worry about how their financial health will survive their marital splits. When couples separate and only one partner worked outside of the home, the working spouse may find him or herself paying support while the nonworking spouse struggles to find gainful employment. The partners to a divorce may struggle to find a healthy balance of dividing assets between them so that each has a fresh financial start after their marriage has ended.
Deciding to end a marriage is not an easy decision and there are many issues that need to be resolved before a divorcing couple can put an end to their legal relationship. One of the issues that may be the root of a divorce dispute is asset division. Couples tend to accumulate a lot of property during the course of their marriage, including art, as discussed in the previous post on the Scranton Divorce Law Blog, and determining which property was procured at which point is essential to the property division process.
For art enthusiasts in Pennsylvania, art pieces are valuable assets that must be collected. For a spouse whose livelihood depends on the extraordinary and colorful creations, the masterpieces are like properties that should be preserved and appreciated. But what will happen to those art assets in the event of a high-asset divorce? Will they remain the sole property of the artist? Or are they treated similarly to any other assets that can be divided between the spouses?