Property division: What should I protect in my divorce?
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Property division: What should I protect in my divorce?

On Behalf of | Sep 17, 2020 | divorce

While nobody enters a marriage in Pennsylvania intending to get divorced, if couples do not plan for it they lack the safeguards to protect themselves in case it does come to an end. Unfortunately, high-net-worth people are more likely to get divorced, especially women, who are twice as likely to divorce than their male counterparts. This is because it is often difficult to strike a balance between career goals and personal goals, especially during the first few years of a marriage. This is likely why female executives are more likely to get divorced within the first three years of getting married.

Though it is difficult to pinpoint any one reason why a marriage might come to an end, it will most likely hurt those who have more assets more. Especially for those who have not taken steps to protect their finances with an agreement before or during their marriage.

Life becomes more expensive after a couple divorces, as couples take on the financial responsibility of paying rent, mortgage, utilities and cable, using the same salary. If only one person was managing the finances alone, then the other is probably going to have quickly get control of their immediate financial needs. Debts are another matter that becomes complicated after a divorce, as it is most likely to get separated between the two people, even if only one of the two is named as the borrower. Couples should also take into account their tax obligations, as different types of financial accounts have different tax rates.

High asset divorces bring with them additional complications when it comes to property expenses and this can overwhelm Pennsylvania residents already struggling emotionally. They might benefit from consulting an experienced attorney for guidance on how to protect their financial interests for the long-run.


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