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.
Divorce can be an emotional challenge for many. The thought of starting a new routine may be difficult to handle as well as thinking about financial burdens that may come out of the divorce process. It is important to stay positive as starting a new chapter in life can be challenging but also rewarding. In addition, we advise anyone going through a divorce to have an experienced divorce attorney on their side because their attorney can navigate the complex divorce process and help to protect their client’s finances.
One financial topic that will need to be covered during a divorce is that of retirement funds. This topic can be of great concern since retirement assets are valuable and important to many. To help you understand what may happen to your retirement funds during a divorce, we outlined a few of the most common retirement accounts and processes below:
When many people think of divorce, they may picture a couple litigating their case in the court system. It is important to know that there are multiple divorce processes someone can choose from aside from a traditional divorce via the court system such as divorce mediation and a collaborative divorce. While a traditional divorce might be the right process for one couple, another couple might benefit from going a different route such as divorce mediation.
To figure out which process is right for you, we recommend looking into each option so you can make an educated decision for your specific situation. To help you get started, we have outlined the top questions and answers below about divorce mediation:
If one or both spouses in a divorce owns a business or a shared ownership of a business – whether big or small – this will most definitely play a part in the divorce process. There are many items to consider when one or both spouses is involved in a business and they are going through a divorce. For example, if both spouses are a part of the business, will one of the spouses end their role in that business? Will they sell their interest in the business to the other spouse or will both spouses agree to have the business sold in its entirety?
A business can add an extra layer of complexity onto the divorce process. Because of this, it is important to have trusted legal counsel that can advise as to how the business interests should be addressed in the divorce proceeding, including whether to obtain a business valuation from a reputable firm or an accredited valuation analyst. In regard to the business valuation, it is sometimes beneficial for both spouses to agree on a single valuation firm or individual to complete the process because the process of valuing a business is time-consuming and expensive. However, there are cases where the legal issues involved might require the retention of an expert solely to advocate your position. An experienced divorce attorney can help you with your specific business valuation. In addition to the above information, below is more information you should know about business valuations when going through a divorce:
A divorce is a complicated process – from dividing assets such as bank, investment, and retirement accounts to the determination of who will retain the marital residence. A way to make it less complicated and less stressful is to be knowledgeable of the topics that will need covered and resolved during the divorce in addition to leaning on an experienced divorce attorney. One of the topics to be prepared to cover is debt. It may not be the first item that comes to mind, but if not considered thoroughly, it can have a financial burden on one or both of the parties involved in the divorce.
There are many considerations when it comes to debt during a divorce. What if one spouse is hiding credit card debt from the other spouse or one spouse is under the assumption that the other spouse’s student loan is not their responsibility? It can be a game changer for anyone’s divorce. Because of the significance that debt can have on someone’s financial situation, it is important to understand and take control of debt before a divorce occurs. If you are going through a divorce, or about to go through a divorce, below is some information to keep in mind regarding debt:
Going through a divorce can be difficult and heart wrenching for many reasons – especially if children are involved. Having children can make a divorce more complicated because parents always want their children to grow up in the best situation possible. While a divorce can be difficult on everyone involved, there are ways to make the process go smoothly and to ensure that any children involved are considered every step of the way.
One of the most important ways to ensure that children are taken care of properly during and after a divorce is to come to a consensus as to child custody and to agree on a parenting plan. A parenting plan is a child custody plan that outlines both parents’ responsibilities and schedules for being with the children. It is negotiated by the parents and may be included in the separation agreement or an order of court. An experienced divorce attorney can guide you through the process of creating a parenting plan that is best suited for you, your ex, and most importantly, your children. When creating a parenting plan, below are five topics to keep in mind:
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:
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.