Order your copy of Pennsylvania Family Law Practice and Procedure With Forms (Vol. 17, West's Pennsylvania Practice) written by Joanne Ross Wilder and updated annually by Brian McKinley, Darren Oglesby & Bruce Lord Wilder.
The divorce process can not only be tough on your emotions, but it can also be tough on your financial resources. Finances are one of the topics most divorcing couples fear because the unknown of the future can be daunting. When one or both spouses are a high net worth individual, things can get even more worrisome and complicated.
While it may be easy to panic, if you find yourself in a divorce situation with high net worth assets, one thing to remember is that there are experienced divorce attorneys who specialize in high net worth divorces that can guide you and represent you every step of the way. Due to this, one of the first steps we recommend as you approach a divorce is to find the right divorce attorney for you. In addition, you can become knowledgeable of ways to protect your assets. Below are a few tips to get you started:
A divorce brings with it many topics to consider, some of which may cause worry and confusion to those involved. One of those common topics is spousal support. Whether you may worry that you will not receive the support you need or that you will owe your spouse a hefty amount of money each month, the topic can be daunting, and understandably so. Because of the financial burden that may come out of spousal support during a divorce, we highly recommend that you lean on an experienced divorce attorney who has the knowledge to guide you through the process and achieve the best outcome for you and your family.
Another way to help lessen the worry that may be associated with spousal support is to educate yourself. Once you know what it is, how it differs from other types of support, and what you can expect, you may feel more prepared to tackle it during the divorce process. To aid you in learning about spousal support, we collected some of the top questions and answers below:
The COVID-19 pandemic has effected nearly all aspects of life. This includes court proceedings, which are now mostly conducted remotely via computer or other digital means. A common question among individuals that are subject to a custody order of court regarding their child or children is whether custody or custody orders of court are modified or somehow changed because of COVID-19. In general, custody orders and the terms contained in such orders have not changed because of COVID-19. Courts still require parents to follow and abide by the terms set forth in the custody orders of court, including completing custody exchanges and following the established custody schedule.
However, there are instances in which COVID-19 does have an effect on custody and custody orders of court. Although custody orders of court must be followed, the court still expects the parents and the children to comply with the Center for Disease Control (CDC), the state, and the county requirements for COVID-19, including travel restrictions, social distancing, and mask obligations. Below are a few additional questions and answers to help you navigate this topic.
Tax time can be stressful, and some tax years can be more complicated than others – especially when a couple is facing a divorce. This is because there are more tax issues to consider when a divorce is involved. From your filing status, to claiming dependents, to your tax refund, there are many items to consider when preparing a tax return during or after a divorce.
Because divorce can be complex and taxes can be complicated, we highly advise that you lean on yourexperienced divorce attorney to guide you through any questions or issues you come across when filing your tax return. To help you think through the process, we have put together the following questions and answers regarding taxes during or after a divorce:
If you are faced with a divorce today, there are many more avenues to consider regarding the divorce process than there were years ago. Some of your options may include a traditional divorce which involves relying on the court to make the final decisions, mediation which allows you and your spouse to work together on a solution to divorce via a neutral third party, and collaborative law which is similar to mediation, but with each party being represented by collaborative attorneys.
Choosing which path is right for you depends on your situation. You may not be on speaking terms with your spouse or may feel that your spouse is keeping information from you, which may lead you to choose the traditional route, or you may have a trusting relationship with your spouse and are interested in taking the collaborative law approach. Because collaborative law is new for many, and can be a great option to consider, we have included the top questions and answers below regarding the collaborative process:
One of the major worries that many experience when going through a high net worth divorce is that of protecting their assets, and rightfully so. Assets can make or break someone’s future and can also impact the future of their children if children are involved. Due to this, when someone who has been in this situation is ready to remarry, the thought of their assets may be top of mind.
Protecting assets in a new marriage can be even more complicated and important – especially if one or both of the parties involved is a high net worth individual. If you are someone in this situation, or if you anticipate getting remarried, consult with an experienced attorney about how you can protect your assets to ultimately protect your future and the future of your family as you start this new journey. In addition, we recommend keeping these tips in mind:
Divorces are not easy. They are emotional, stressful, and often involve many financial expenses. If you are planning a divorce, you may feel overwhelmed when thinking about all of the different factors that you will have to sort through – from spousal and child support to distribution of property and life insurance. Because of these factors, we highly recommend that you lean on a divorce attorney who has the experience to guide you through the process and achieve the best outcome for you and your family.
In addition to consulting with your experienced divorce attorney, we encourage you to step back, take a breath, and evaluate the situation and what is to come before making any sudden decisions because these decisions will impact your future. Below are some additional tips to keep in mind as you plan for your divorce:
A high net worth divorce is more complicated than a typical divorce in many ways. The topics of business interests, real estate, finances, and investments, among other items, create a more complex situation.
One of the best things you can do if approaching a high net worth divorce is to lean on an experienced divorce attorney. The right attorney for your case will help you navigate all the topics that will come up as part of the divorce process. In addition to contacting your divorce attorney, you can also educate yourself on some divorce topics so you feel more mentally prepared. To help you get started, we put together the below list of tips to keep in mind if approaching a high net worth divorce:
Many couples who are experiencing difficulties in their marriage consider separating from their spouse before taking that drastic next step of getting a divorce. They may try to take time apart to sort out their differences in hope that they can come together again to reconcile their marriage – especially if their marriage is more complex (e.g., they are in a high net worth marriage, children are involved, or they own a family business).
If you are thinking about separating from your spouse, you may be wondering what a separation is, how that differs from divorce, and what your options are. Below are some questions and answers to help you navigate this topic:
There are many hardships that people may think about when the topic of divorce comes up – that of sharing custody of your children, splitting your assets, and dealing with the emotional side of things, especially if you believe you were treated unfairly, subjected to abuse, or if your spouse was not faithful in your marriage.
While a divorce may not be easy for someone to overcome, there are a few upsides to consider. If you had issues in your marriage that led to divorce, those issues will most likely dissipate after your divorce is final, and you can take time to rediscover yourself and create a new path for your future. One item that many overlook as being positive during a divorce is that of finances; however, there can actually be some financial perks as a result of a divorce. Below are some of the financial advantages to consider:
Wilder Mahood McKinley & Oglesby, in Pittsburgh, Pennsylvania, represents clients in family legal matters. The firm serves clients throughout western Pennsylvania, including those in the cities of Pittsburgh, Greensburg, North Hills, Cranberry, Murrysville, New Castle, Washington, Uniontown and Butler. The firm serves all communities in counties including Allegheny County, Butler County, Westmoreland County, Fayette County, Indiana County, Cambria County, Blair County, Lawrence County, Washington County, Beaver County, Armstrong County, Greene County, Bedford County, Mercer County, Crawford County, Venango County and Erie County.