Dividing a couple's assets during a divorce can often be contentious, but additional complications exist if the parties are one of the over 999,000 small business owners in Pennsylvania. According to the Pennsylvania Small Business Development Center, 99.91 percent of businesses in Lackawanna County were small businesses in 2013. Therefore, it is inevitable that divorce will affect some of these people during the course of their business ownership.
Put simply, a postnuptial agreement is a contract between you and your legal spouse. Most Pennsylvanians are familiar with the concept of a prenuptial agreement, which is executed before the wedding ceremony. Prenuptial agreements set forth terms on any matters that concern you and your spouse but often have to do with finances. A postnuptial agreement may be useful for you if something about your situation changes after you are married or difficulties arise that need to be clarified on paper.
Property division is a crucial element of any Pennsylvania divorce proceeding. Generally, the law takes care to ensure that property, possessions and assets are divided equitably. For most tangible property, this is fairly simple as the value of the item can be determined by its market price or by an appraisal. Some assets, however, may have special sentimental or emotional value to one or both spouses. That value is intangible and care must be taken to ensure that a fair outcome is achieved.
According to the Pennsylvania General Assembly, courts take a number of factors into consideration when deciding how to divide marital property, including retirement benefits. As a result, people who are preparing to file for divorce in Scranton and throughout the state of Pennsylvania should prepare for property division and make sure they understand how their retirement accounts could be affected. Every year, many Americans separate from their spouse and some of them experience financial problems because they did not understand the laws or were unprepared.
For some people, thinking about the divorce process can cause a great deal of anxiety, especially for those who have a considerable amount of wealth or property obtained during the marriage that they are worried about losing. In addition to various divorce legal issues, such as property division and child support, life may be very different for those who separate from their spouse and the financial impact of separation can be significant. Having said that, there are a number of ways that people who are preparing to file for a divorce can protect their property, reduce stress, simplify the process and increase the chances of a positive outcome. At Kalinoski Law Offices P.C., we are committed to assisting clients who want to protect their property and simplify their divorce in Scranton, Pennsylvania.
When a married couple decides to separate, they may encounter various hurdles, from alimony to child support issues. However, for people who are preparing for divorce in Scranton, Pennsylvania, and all over the United States, property division is often an especially difficult issue to deal with. According to information published by the Centers for Disease Control and Prevention, the Pennsylvania divorce rate was 2.8 for every 1,000 people residing in the state in 2012. Across the nation, many people make the decision to file for divorce and they should understand how separation may impact their property.
For someone who is separating from their spouse, various legal matters can make life hectic, such as spousal support and the custody of children. However, the division of marital property can be especially troubling for some people in Scranton, Pennsylvania. At Kalinoski Law Offices P.C., we work hard to help clients who are in this position get a handle on the situation.
While some people in Pennsylvania scoff at the idea of a prenuptial agreement, others are wise to embrace it as a means of protection. At Kalinoski Law Offices P.C., we know that having such a contract in place is often advantageous.
As an equitable distribution state, Pennsylvania determines property division based on what is fair, not necessarily what is equal. Under the state’s law, a judge could treat each piece of marital property separately, dividing each one based on differing percentages. You should be aware that the assets that are subject to division will include just about anything that was acquired after the marriage, such as a house, cars, life insurance policies, home furnishings and bank accounts.
People in Pennsylvania older than 50 who are ending their marriages are considered to be going through a “gray divorce.” The phenomenon was the subject of a recent Bowling Green State University study, which found the rate of divorce in this demographic doubled between 1990 and 2010.