In Pennsylvania and across the United States, many former spouses feel overwhelmed after they get divorced. From changing the title on a house to reverting the last name on a financial account, there are many things to do after separating, especially in a complex divorce. Couples with kids must make arrangements with the court for child custody and child support. Both spouses must sign various legal documents during several phases of the divorce.
For business owners in Pennsylvania, divorce can be a particularly challenging time. When the venture is a couple's major asset or it carries significant sentimental value, this can be especially true. While a divorce can involve an array of personal and financial entanglements, dividing a business has its own unique circumstances. Unlike a bank account or investment fund, it may be difficult to agree on the actual market value of the business. Spouses may be tempted to overestimate or underestimate the value of the company, making it necessary to bring in an independent expert to review financial statements and produce a valuation.
Disagreements over child custody or the value of assets could motivate people in Pennsylvania to hire certain experts to provide evidence for their divorce cases. A judge might draw upon the insights of a family therapist or psychologist when making rulings about child custody. Forensic accountants might be sought out by people who are investigating marital finances or trying to value a business so that discussions about the division of property can proceed with complete information.
Trying to sell a home in Pennsylvania is a challenge even during the best of times. During a divorce, the situation could become more complicated. The divorcing couple will need to agree upon a number of matters pertaining to the home sale.
Many couples tying the knot in Pennsylvania have visions of spending a lifetime together. But given the fact that more than a million Americans file for divorce each year, this isn't always an achievable goal. The good news is that divorce rates are on the decline in the 21st century although part of the reason for this trend may be that fewer people are exchanging vows. In 2017, nearly 7 out of every 1,000 Americans were married, which is down from 8.2 per 1,000 in 2000.
The overall divorce rate in Pennsylvania and around the country has hovered around 50 percent for several decades, but this consistency hides major underlying demographic shifts. While couples between 25 and 39 years of age are divorcing less often, divorces among couples aged 50 or older have more than doubled in the last 25 years. This has greatly influenced how the process is handled as older couples usually approach the negotiating table with different concerns and objectives.
When married couples in Pennsylvania begin to have relationship problems, divorce ultimately becomes a consideration. In some cases, soon-to-be ex-spouses take preemptive steps to hide assets so that they will not have to share them with their former partners at the time of divorce.
By the time people in Pennsylvania decide to divorce, the marital relationship has often deteriorated beyond repair. In many cases, people decide to end their marriage after serious fights and incompatibilities about major issues like finances or parenting. Problems like infidelity and addiction are also major contributors to divorce. As a result, people may have a difficult time viewing themselves coming to an agreement about anything with their spouses. Still, many people also want to avoid an expensive and contentious divorce with raging disputes over child custody and finances.
Studies show that most families do not have a financial plan in case of divorce or the death of a spouse, so parents in Pennsylvania who get a divorce might be concerned about how they will pay for their child's college education. After a divorce, spousal and child support may need to take precedence over saving for college. However, with college costs continuing to rise, parents may also want to include provisions for these expenses in the divorce agreement.
Couples in Pennsylvania might be more likely to get a divorce if the wife becomes ill. According to a study that appeared in the Journal of Health and Social Behavior in 2015, the divorce risk increases only when it is the wife who gets sick.