getting a divorce in pa what is more important a financial advisor or lawyer

John J. Gilligan, a family lawyer in Long Beach, answers: Typically, one does not need both a lawyer and a financial advisor to get divorced, since the lawyer often has adequate expertise to provide financial advice to the client.

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Why do I need a divorce financial advisor?

Jul 15, 2019 · Typically, one does not need both a lawyer and a financial advisor to get divorced, since the lawyer often has adequate expertise to provide financial advice to the client. However, if there is a complicated business or conglomerate of businesses that need to be divided during the divorce, a forensic accountant may be necessary to value the businesses and determine their …

What are the requirements to get a divorce in PA?

Aug 28, 2019 · Some couples in Pennsylvania divorce with high assets and some with high debts. Whichever of these two financial situations are true of a divorcing couple, they may need to consider working with a financial advisor. In fact, MarketWatch recommends “breaking up” with the financial advisor used as a couple. Each individual may need to hire their own.

What happens to my pension when I get divorced in Pennsylvania?

There really is no more important step in the divorce process than consulting with a divorce lawyer. Only a divorce lawyer can properly analyze your situation, advise you how the law and courts will affect your divorce, and give you advice on how best to proceed.

How are assets divided in a Pennsylvania divorce?

Below, we discuss the different types of divorce, spousal support guidelines, and equitable distribution of your debts and assets. Continue reading to learn more about getting a divorce in PA. Fault vs. No-Fault Divorce. There are two main types of divorce in Pennsylvania: fault and no-fault. The majority of couples file for divorce on a no ...

Does it matter who files for divorce first in PA?

What is a wife entitled to in a divorce in PA?

What should I ask my financial advisor about divorce?

How do I protect financial assets in a divorce?

Can my wife take half of everything?

Who gets the house in a divorce in PA?

How can a woman protect herself in a divorce?

Should I see a financial advisor before divorce?

How does financial settlement work in divorce?

Can I empty my bank account before divorce?

Do you have to show bank statements in divorce?

How do you avoid getting screwed in a divorce?

Can a spouse be liable for debt after divorce in Pennsylvania?

While debt incurred by a spouse post-separation will generally not be considered marital debt by a Pennsylvania divorce court, you may still be individually liable to the creditor for the debt if you are a signer or co-signer on the debt. This is typically the case with joint credit card accounts, individual credit card accounts where your spouse is a cardholder, and home equity lines of credit.

How to resolve a divorce?

10. Seriously consider mediation as a way to resolve your divorce. Divorce is stressful and attorney’s fees can add up quickly. If you and your spouse can still be even somewhat amicable, then you should consider divorce mediation as a way to resolve your divorce.

Is mediation a good way to resolve a divorce?

Divorce is stressful and attorney’s fees can add up quickly. If you and your spouse can still be even somewhat amicable, then you should consider divorce mediation as a way to resolve your divorce. It is a much simpler way to resolve your divorce and can save you a significant amount of time and money.

Is divorce difficult for children?

Even in the best of cases, divorce is difficult for all involved, especially children. It becomes even more stressful when your spouse and children don’t know what is going on. You should make a plan to discuss the situation with your spouse and children as soon as possible after you have taken the necessary steps to prepare for divorce and protect your financial and legal interests. While the conversations may be difficult, they will almost certainly lead to a less adversarial and stressful divorce process.

How to handle a divorce?

It is important to keep in mind that your behavior will be under scrutiny throughout the course of your divorce. Conduct yourself accordingly. Many people do not realize the importance of good etiquette until it is too late. Behaviors that are perceived as negative or harmful can be used against you in a divorce or child custody proceeding. Consider your actions in the following circumstances: 1 Social outings and your attitude toward friends, teachers, coaches, etc. 2 Drinking, excessive gambling or drugs. 3 Social media (e.g. Facebook, twitter). Be mindful of the impression you make on people. Do not post photos or comments that could be used as evidence against you. 4 Communicating with your spouse. Text messages and emails can be used as evidence. Do not say, text or email anything that you will later regret. Instead, consider keeping things cordial with your spouse. Most divorce, custody, and financial matters are resolved through negotiated settlements. Being amicable with your spouse will help facilitate a quicker settlement. 5 Your spending habits.

What is the importance of good etiquette in divorce?

It is important to keep in mind that your behavior will be under scrutiny throughout the course of your divorce. Conduct yourself accordingly. Many people do not realize the importance of good etiquette until it is too late. Behaviors that are perceived as negative or harmful can be used against you in a divorce or child custody proceeding. Consider your actions in the following circumstances:

What are the two types of divorce in Pennsylvania?

There are two main types of divorce in Pennsylvania: fault and no-fault. The majority of couples file for divorce on a no-fault basis. In a no-fault divorce, you don’t have to prove who is responsible for the demise of your relationship during an already trying time; the divorce process relies simply on timing and the filing of paperwork.

What is alimony in Pennsylvania?

Alimony is the financial support paid to the dependent spouse once the Pennsylvania divorce decree has been issued and issues of equitable distribution have been resolved. The courts will take into consideration both spouses’ assets, debts, and income when calculating the necessity for or amount of financial support. As stated above, alimony may be denied if the spouse requesting it has committed adultery or one of the other fault based grounds for divorce. Whether you’ll be on the paying or receiving end, if you believe any of these forms of spousal support will need to be addressed during your divorce, a qualified attorney can help ensure that you aren’t taken advantage of.

What is APL in divorce?

Alimony pendente lite (also known as APL) is support paid to a spouse during the divorce proceedings. That way, both spouses are able to maintain their lifestyle and hire attorneys to represent their best interests. There are no entitlement defenses to APL; payments are based solely on the differences of income between the spouses after taking into consideration any payment of child support.

What is equitable distribution in Pennsylvania?

One of the most important aspects of a divorce is the division of your property, assets, and debts. In Pennsylvania, this is known as equitable distribution. If you and your spouse are able to divide your marital assets and debts amicably, you won’t have to go to court. If one spouse brought property, debts, or assets into the marriage, this will be considered nonmarital property and will remain with the spouse who brought it into the marriage.Assets acquired during the marriage are deemed marital assets and include such items such as a shared home, vehicles, furniture, retirement accounts, and investments and will be divided equitably between the spouses. It’s worth noting that “equitable” means fair—not necessarily equal. Courts will consider many aspects of the marriage during equitable distribution, including the length of the marriage, whether one spouse helped the other become financially stable, the couple’s standard of living, child custody arrangements, and tax consequences. Fault for causing the marriage to end is irrelevant in equitable distribution.

What is spousal support?

Spousal support refers to money paid to the spouse who is financially dependent on the other spouse from the date of separation to the date of the filing of a divorce complaint. There may be a defense to the payment or receipt of spousal support if the spouse seeking spousal support has committed adultery or one of the other fault based grounds for divorce.

Why Consult With a Financial Advisor?

In many cases, divorce may be the single largest financial transaction you make in your lifetime. It’s important to dedicate the time and attention this process demands. At the beginning of a divorce, it’s important to gather and organize information about assets, liabilities, retirement benefits, and insurance policies.

Marital vs. Separate Assets

It’s also important to determine which assets are considered marital and which are separate. Separate assets, such as inheritances and investments prior to marriage, may not be subject to division, depending on how they were managed during the marriage.

Review Your Tax Return

By reviewing your tax return, a financial advisor could discover undeclared assets (e.g., rental properties) or opportunities (e.g., capital loss carryforwards).

The Road Ahead

No matter how you decide to move forward, working with a financial advisor will likely benefit you. If you decide to file for divorce, you can hand your lawyer an organized and detailed summary of your finances.

How long do you have to live in Pennsylvania to file for divorce?

Eligibility. To file for divorce in Pennsylvania, one of the two spouses must have lived in the state for at least six months prior to filing. Additionally, the party must file for the divorce in the county where either spouse lives.

Is there a fault divorce in Pennsylvania?

Grounds for Divorce in Pennsylvania. Pennsylvania has both no-fault divorces and fault divorces. In a no-fault divorce, both parties agree to get divorced simply because the marriage has fallen apart. In a fault divorce, one spouse alleges that the other spouse is to blame and is the reason for the divorce.

Do marriages end in divorce?

When you walk down the aisle, you probably assume the union you are about to enter into will last a lifetime. The statistics tell us, though, that many don’t. Unfortunately, sometimes marriages end in divorce, which on top of personal turmoil can bring a host of legal and financial issues. If you live in Pennsylvania, this guide will explain ...

Can you get divorced in Pennsylvania?

Beginner’s Guide to Divorce Laws in Pennsylvania. A marriage can end either by annulment or by divorce in Pennsylvania. Although some states allow legal separation, Pennsylvania does not recognize this as an option for couples who do not want to be married any longer. Pennsylvania is both a no-fault and a fault-based state.

When domestic violence is present in a marriage in Pennsylvania, any divorce actions are secondary to the immediate safety of a

When domestic violence is present in a marriage in Pennsylvania, any divorce actions are secondary to the immediate safety of a spouse or children who may be in immediate danger.

Is Pennsylvania a fault based state?

Pennsylvania is both a no-fault and a fault-based state. A couple can simply cite that a marriage is irretrievably broken, or a spouse can also cite one of several at-fault reasons as well, such as cruelty, adultery, or a spouse’s incarceration, among others.

What is standard of living in a marriage?

the standard of living of the parties established during the marriage. the economic circumstances of each party, including Federal, State and local tax ramifications, at the time the division of property is to become effective. whether the party will be serving as the custodian of any dependent minor children.

Is marital property considered a gift in Pennsylvania?

In Pennsylvania, marital property does not include property that was acquired as a gift, except when that gift was given from one spouse to the other. Gifts that are given between spouses are considered marital property and are subject to equitable distribution in a divorce.

Is a 401(k) considered marital property in Pennsylvania?

Pensions, IRAs, 401Ks and retirement plans acquired during a marriage and up to a date of separation are treated as marital property in Pennsylvania. However, only the portion that was acquired during the marriage is subject to marital property rules.

Is property divided in divorce in Pennsylvania?

In Pennsylvania, all property and all debt accumulated during the marriage belongs to both spouses. Any property that is considered separate property is not divided during a divorce. Each spouse gets to keep his or her own separate property which includes: Assets acquired before the marriage.

Why is financial planning important in divorce?

Under normal circumstances, financial planning is a key component in securing the long-term well-being of you and your family. But when you are faced with the prospect of a divorce, the need for financial planning can become even more critical. Your short- and long-term goals will change dramatically, and you will be forced to reexamine your ...

How to get divorce settlement?

Step 1: Gather and assess financial information. So that a divorce financial planning professional can work with you to help you reach the best possible settlement, the first step you take will be the most critical. You must gather as much accurate and comprehensive information as possible.

Can you split assets 50-50?

Depending on the laws of your state, not all assets are divided on a 50-50 basis. As part of the settlement process, it is not uncommon for one spouse to give up a greater share in one asset so that they can get a larger share in another. This is especially true when it comes to homes, business ownership interests, or retirement accounts. It’s important to understand the financial issues and tax consequences of taking ownership of these various assets and how they will impact the bottom line of your settlement agreement.

Who is Jason Crowley?

Jason Crowley is a divorce financial strategist, personal finance expert, and entrepreneur. Jason is the managing partner of Divorce Capital Planning, co-founder of Divorce Mortgage Advisors, and founder of Survive Divorce. A leading authority in divorce finance, Jason has been featured in the Wall Street Journal, Forbes, and other media outlets.