Divorce Financial Issues | Pennsylvania Family Law Blog - The Law Offices of Sheryl R. Rentz
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 »
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 »
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 »
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 »
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.
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 »
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 »
Unfortunately, for many couples entering the divorce process, even before the official documents have been served, many spouses begin looking for ways to keep money or other assets away from the other spouse. This often means that one (or both!) spouses try to hide financial information.
If you believe that your spouse is hiding assets from you at any point in the divorce, do not hesitate to speak with a knowledgeable Pennsylvania divorce lawyer. The best way to protect your rights and future well being is to evaluate what assets belong to the marriage and work to ensure that you receive your fair share. Read the rest »
One of the most commonly cited reasons for divorce in the United States involve financial issues. And it’s not surprising. The topic of money can create tension between even the most agreeable couples. But in a day and age where divorce seems to be unavoidable, are there any options for steering clear of the financial pitfalls that break up so many committed relationships?
Whether you are about to walk down the aisle or have been married for decades, here are a few legal options for preventing arguments about money from becoming threats of divorce. Read the rest »
When it comes to weddings, the popular opinion (at least as far as the wedding industry is concerned) is that bigger is better. A lavish ceremony, an oversized diamond ring, and an elaborate after party are all touted as the ideal beginning to happily ever after. However, according to a study by Emory University in Atlanta, the more money a couple pours into tying the knot, the higher the probability the couple will soon follow their “I do’s” with divorce.
The study examined data contributed by more than 3,000 people throughout the U.S. who have been married and found the following correlations:
- Couples who spent $20,000 or more on their wedding were 46 percent more likely to divorce than couples who spent between $5,000 and $10,000. Read the rest »