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.
Divorce and estate planning
Pros and cons of keeping the house in a divorce
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.
Common mistakes divorcees make
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.
Modern judges scrutinize alimony regulations
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.
Missing assets in divorce? Bitcoin may be to blame
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.
