If you do a quick scan of the internet when searching for the phrase "gray divorce," you'll find that people tend to focus on the negative side of gray divorce. They talk about the financial hit divorcees will experience when they go their separate ways right before or during retirement, and the loneliness experienced by 50-plus singles who spent most of their adult lives with a spouse by their side. However, it's vital that you keep a positive perspective and look for the silver lining.
Pennsylvania spouses who have a mortgage loan and are getting a divorce will need to investigate strategies for dealing with the mortgage. For example, will one spouse assume the mortgage in his or her own name? Will the spouse who keeps the home need to refinance? These and other questions will need to be answered as a part of the divorce process.
Some people were made for marriage. They love stability, they like to spend time with their significant other and predictability and security bring them joy. Other people were not made for marriage -- they are too self-focused, have money problems and they're just bad at relationships.
Pennsylvania ex-spouses who had to pay alimony have long benefited from the ability to deduct alimony expenses from their net income. This benefit made alimony payments a lot more palatable -- especially when payments served to drop the payer down to a lower tax bracket. With the new federal tax bill passed by Congress last month, however, the ability to deduct alimony payments from income is going to end.
Couples eligible for uncontested divorce in Pennsylvania usually need to have resolved and agreed upon most basic issues relating to their divorces -- like property division, child custody, child support and spousal support.
Pennsylvania spouses considering divorce need to know a few things before they get started. First, divorce is normal. Approximately 40 to 50 percent of all marriages end in divorce in the United States according to the U.S. Centers for Disease Control and Prevention and the American Psychological Association. Second, divorce is never going to be "easy."
You and your spouse are finally getting the divorce you've been thinking about for years. Now it's time to get real about your finances. Being single is often more difficult financially than being in a partnership. After all, you will only have one income and many of the expenses you used to be able to share will be your sole responsibility. These expenses and financial setbacks can be particularly difficult for women.
When Pennsylvania spouses decide to divorce, they are dealing with a lot of emotional challenges. Even if you're able to keep your eyes on the better future that is to come, it's never emotionally easy to separate from a long-term intimate partner. Eventually, though, spouses need to focus on the business aspects of divorce -- namely, finances and asset division.