When you have gotten accustomed to living at a certain standard, it can be hard to come to terms with the fact that your divorce might mean that you aren't going to be able to keep up with that. People who are going through a high-asset divorce often face this exact thought. If it is left unchecked, it can lead to the person pushing too hard for assets that aren't actually going to benefit them in the future.
The property division process that you go through during a divorce is challenging because you have to think about the long-term and short-term impacts of various arrangements. The thing that makes this challenging is that you likely can't base value off of the statement balance from the end of the marriage. The balance and the value are two very different things.
One of the most difficult things that some divorced people have to do is to figure out what will happen to the family business. This situation can put a lot of people in jeopardy, especially if the business has other employees on the payroll. We understand the pressure that this puts on you. We are here to help you evaluate your options so you can decide what is best for you.
A high asset divorce comes with some specific challenges that we need to address. You can't go into these situations without having a plan in place because you don't want to accidentally make the wrong decisions. We can help you review the options that you have so that you can make the decisions you feel are best for your own situation.
High-asset divorces have special considerations that must be worked through if the marriage is going to legally end. These aren't always easy to figure out, but some patient investigation and thought can often help. We are here to help you to determine what options you have and what must be addressed in your case.
Many small businesses are also family businesses, owned by a couple who shared the same dream and tried to make it a reality. Regardless of how the business does, things can become very complicated if the marriage between the owner breaks down. Suddenly you have two business partners who are ending a very personal relationship and trying to decide what that means for them professionally.
With divorce looming, your spouse may have started stashing money aside, trying to hide it and keep it out of the divorce. While people are legally required to disclose all of their assets, many try to hide those assets if they fear that the other party is going to get 50 percent in court.
In a divorce, when there is more to gain, there is also more to lose. This is why going through a high-asset divorce can be particularly stressful. High-asset divorces make it more likely that spouses will become ruthless and sneaky in terms of the strategies that they play against each other.
In the United States, the law differs significantly from state to state on the law in regard to the division of marital assets. In Pennsylvania, equitable distribution law is recognized. This means that all property within the marriage is separate. Therefore the assets should be generally divided to in a fair way that recognizes the contribution of each spouse in the marriage.
If you are a divorcing couple and you are reaching retirement age, retirement accounts could be some of the most valuable assets that you have. Therefore, before you take action in filing for a divorce, it is a good idea to take the time to understand how the law works in the state of Pennsylvania when it comes to dividing assets such as retirement accounts.