Divorce Financial Issues | Pennsylvania Family Law Blog - The Law Offices of Sheryl R. Rentz
How Are Assets Divided in Divorce in Pennsylvania?
Divorce is an emotionally charged and complex process, especially when it comes to the division of assets. For many, understanding how assets are divided in divorce in Pennsylvania is crucial to preparing for what lies ahead. The way property, debts, and other assets are divided can have a lasting impact on your financial future. In this blog, we’ll explore the process of asset division in Pennsylvania, the factors that influence how assets are divided, and how a divorce lawyer can help you through it. Read the rest »
Is Pennsylvania a 50/50 Divorce State?
When going through a divorce, one of the most important aspects to consider is how property and assets will be divided. If you’re wondering whether Pennsylvania is a 50/50 divorce state, the short answer is no. Pennsylvania follows an equitable distribution law, meaning assets are divided fairly but not necessarily equally. But what does this mean in practice, and how does it differ from a 50/50 split? Read the rest »
What to Do When Your Ex Is Hiding Assets
Divorce proceedings can be daunting and emotionally taxing, particularly when there is suspicion that an ex-spouse is hiding assets. In Montgomery County, PA, full financial disclosure is crucial for ensuring a fair and equitable division of property. Read the rest »
How Prenups Affect High Asset Divorces
A prenuptial agreement is a contract entered into by two individuals who are planning to marry. Also known as a prenup or premarital contract, it is a legally binding agreement concerning ownership of each party’s assets should the marriage be terminated by divorce or death. In a high asset divorce, a prenup can help shield assets, protect children’s inheritances, and lay the groundwork for division of property and alimony. Read the rest »
Will a Business Lawsuit Impact My Divorce?
Property division can be one of the most complex aspects of divorce. One factor that makes this issue more complex is that division of marital assets is not limited to the current situation. In Pennsylvania, the law allows for consideration not only of future benefits earned during the marriage, but also of future debts incurred during the marriage. A pending business lawsuit against a jointly owned business could significantly impact your divorce. For this and other reasons, an accurate business valuation is critical. Read the rest »
Will Student Loan Forgiveness Impact Debt Division?
The cost of a college education has increased significantly in the last few decades. Student loans can stay with you for years after graduation. The average student loan debt is $28,950 per borrower, and 55% of students from four-year public institutions had student loans, according to Forbes. If you are going through a divorce in Pennsylvania, student loan forgiveness may impact how marital debts are divided between you and your spouse. Read the rest »
Can Your Spouse’s Credit Card Debt Affect Your Divorce in PA?
The process of dividing a couple’s property during divorce proceedings does not stop at marital assets like the family home or cars. Many people are unaware that a couple’s accumulated debt is also distributed. Read the rest »
How Are Trademarks Divided in a Divorce?
Trademarks, logos, and patents are all forms of intellectual property, which are protected under federal copyright laws. A legal copyright bestows exclusive rights for designers, inventors, authors, and artists to sell their creative works. This is done to encourage innovation by prohibiting others from “stealing” a person’s ideas and profiting from them.
What Is a Co-Ownership Agreement and Why Is It Important?
Even though married couples have certain guaranteed protections under the law (such as rights to all jointly-held property upon the death of a spouse), many long-term couples elect not to marry. This means that if the relationship ends for any reason, they may not be fully protected when it comes to determining ownership of jointly-held property. Read the rest »
Lessons to Learn from Chris Rock’s Divorce
All divorce proceedings can prove stressful and complex. This is especially true when at least one of the spouses has a significant amount of wealth. To prevent contention and disagreement in the event of a divorce, Chris Rock and his then fiancé had signed a prenuptial agreement. This agreement, commonly known as a “prenup,” was designed to streamline the divorce and protect Rock’s finances. However, since they were married back in 1996, his agreement has expired.
It is common in a prenup involving clients with large amounts of assets to have sunset provisions. These are terms of the prenup that are only applicable for a certain amount of time. This allows the wealthy spouse to protect his or her assets if the marriage does not last. Some sunset provisions allows the wealthy spouse to protect the majority of his or her wealth for many years while other provisions may allow the entire prenup to expire. Read the rest »
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