Gettysburg Pennsylvania Family Law Blog

Splitting up assets can be a difficult task when you have been married for quite some time. Unlike couples whose marriages only lasted a few years, your property is likely tightly integrated with that of your soon-to-be ex. In these situations, hiding assets is not uncommon.

In the past, people in Pennsylvania might have stored money in hidden accounts or temporarily gifted valuable property to friends or loved ones. Although not necessarily easy to track down, these are all measures you can track through paperwork or other measures. With digital currency, finding hidden assets is not so easy anymore.

Whether a couple in Pennsylvania has already saved money for their children's college education or not, the decision to divorce could impact the ability to pay. The marital income that once covered the costs of one household will switch to paying for two households. In addition, judges will prioritize child support for minor children or spousal support above setting aside money for college. However, parents can work with financial advisers to build an educational payment plan.

To save money, an education strategy may have to move away from more expensive schools. The College Board calculated that families currently pay an average of $46,950 per year to send someone to a private college. A public institution, however, charges a family an average of $20,770 per school year. Due to high educational costs, a spouse cannot expect a court to impose the expense on another parent in the absence of sufficient income.

Pennsylvania residents may think about celebrities and business magnates when prenuptial agreements are mentioned, but these documents are also often signed at the request of wealthy parents who want to protect family fortunes. Prenuptial agreements can strengthen relationships by removing uncertainties over money, but they should be approached with care. Discussions about important financial matters can turn into vitriolic arguments when these issues are handled less than diplomatically, and resolving things amicably may be impossible once emotions have been roused and tempers have flared.

Financial planners may encourage wealthy parents to broach the subject of prenuptial agreements before their children enter into long-term relationships. Parents who raise these issues after wedding plans have been announced may be accused of interfering, or their genuine concerns for their children could be taken as signs of mistrust or suspicion. Discussing family estates and the steps that should be taken to protect them relatively early allows these conversations to be about general financial matters rather than a prospective husband or wife.

The private owner of a business in Pennsylvania will encounter challenges when dividing assets during a divorce. The valuation of a business generally requires an assessment by an appraiser knowledgeable about business accounting. The final figure assigned to the business could influence settlement distributions and child or spousal support amounts.

A valuation professional will examine financial records, business assets, income and the how the market could impact future earnings. An appraiser might also tour business operations and meet with managers to gain a better understanding of the state of affairs. In some cases, a business owner might attempt to conceal value by hiding income or exaggerating expenses. The desire to reduce a payout to an ex-spouse motivates deceptions of this nature. An independent appraiser might spot these tricks and avoid being misled.