Estate plans should be reviewed periodically to see if they should be updated. For Pennsylvania residents who get a divorce, it is important that they review these documents and make the necessary modifications that reflect the changes in their life.
Spouses who buy a home together in Pennsylvania typically face the question of who gets the real estate in a divorce. While some sell it and split the proceeds, others trade away other assets in the divorce to keep the property. Sentimental ties to the property or a desire to avoid disrupting the lives of children usually motivate this decision, but divorce financial planners frequently advise people, especially women, to let a home go.
As anyone who's been divorced in Pennsylvania will testify, when people go through a divorce, it is very rarely the case that they are prepared for it. To begin with, divorce is a very emotional process that brings about the end of what was supposed to be a lifelong arrangement. Furthermore, when there are children involved, they usually don't respond well to having their lives as they know it upended.
In Pennsylvania, some lawyers have noticed that courts are trending toward awarding alimony payments to men. A survey conducted at the American Academy of Matrimonial Lawyers showed that 45 percent of U.S. divorce attorneys observed growing legal trends of bestowing alimony obligations on divorced women instead of men. More mothers are also accountable for making child support payments than they were in the past.
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.