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?
For Pennsylvania couples who go through divorce, there are several issues that can create strong and often negative emotions. Property division is certainly one of them. This is not surprising considering that the finances of both spouses are at stake and that the decisions they make now will affect them for years. For this reason, divorcing Pennsylvanians should be aware of the state laws governing the division of property.
Did you know that Pennsylvania courts have an "equitable distribution" model to help couples fairly split their marital property? Although this model purports to be fair, some clients are surprised to learn that it does not require the equal division of property. That is, "equitable distribution" may mean that you get less than half of the value of your marital property. Protect your financial and legal interests by understanding the law in Pennsylvania -- and enlisting the help of an attorney with knowledge about complex asset division.
When it comes to Pennsylvania divorces, couples are always transparent and honest about their finances, right? Not so fast. Scores of divorces in this state and throughout the nation involve hidden or secret assets that one spouse is attempting to ferret away for themselves. The fact that all marital property is subject to equitable division rules does not necessarily prevent partners from acting in their own self-interest. So, if you suspect that your spouse is hiding asset from you, what course of action should you take? Today, we discuss some options for revealing such misdeeds.
Would you believe that taking four simple steps could adequately prepare you for almost any divorce situation? If you are feeling nervous about your Pennsylvania property division proceedings, you can take action now to protect your assets and interests, according to financial experts. Taking the time to appropriately prepare for the division of your marital property can help expedite your divorce, helping you get back on the road to financial independence in no time at all.