When Pennsylvania couples decide to end their marriage, a lot of questions crop up as to how to achieve that end. A divorce, while promising a new beginning at the end of the process, also raises a lot of uncertainties and issues that need to be addressed keeping in mind both the short and long term.
It is an unfortunate statistic that a first marriage lasts 12 years on average, and 50% of those end up in divorce. This means while couples are planning on how to spend the rest of their lives together, they should also have a plan in place for how to spend the rest of their lives separately.
Though the benefits of prenuptial agreements in easing property division after a divorce have been mentioned many times to Pennsylvania residents, the reality is that many couples may still shy away from entering into one. Deciding who gets what in case the couple splits up, even before they get married to one another, can be a difficult conversation to have, which is why many couples avoid it. However, not all hope is lost. Married couples can enter into a postnuptial agreement any time after they tie the knot.
While it may take a Pennsylvania couple some time to accept that their marriage is over and it is time to take the next step of getting the divorce, once the decision is made couples want to get through the motions quickly. No one wants a long drawn out divorce, as it consumes energy and finances. One way couples can plan to avoid the long drawn out process of property division is by entering into a prenuptial agreement at the time of the marriage.
Pennsylvania residents might remember reading a recent post highlighting the differences between millennial couples and those of previous generations. For example, millennials are getting married later and pulling down the divorce rate. It was also mentioned how they are trying to be prudent about their financial choices, opting to live with their significant other before tying the knot in an attempt to drive down living costs. Another way in which millennials are different from their older counterparts is their approach to bank accounts after marriage.
Burdened with debt from many sides, millenials are taking their time to make important decisions, like choosing to marry. In an attempt to become financially independent first, they are driving the marriage rate down. Taking the time to settle, however, does have its advantages, as they are being strategic about who they choose and fearful of separation, thus, bringing the divorce rate down as well.
Pennsylvania residents contemplating divorce may realize that, as part of the property division process, they will need to make a full accounting of their assets and debts. However, in many cases, couples come to realize that they have more assets and debts than they realized.
Among the variety of issues that must be addressed in a divorce case in Pennsylvania, property division is the most likely to have a long-term impact on a person's financial security. After all, for most married couples, working together toward greater financial security is one of the main goals in life, particularly nowadays when both spouses are likely to be employed and earning an income. When it comes time to end the relationship, how those accumulated assets will be divided can be a major sticking point.
Although Pennsylvania residents going through a divorce will expect to encounter many complicated issues as the legal proceedings play out, no issue can present as many thorny problems as the property division part of the case. During the course of a marriage, most couples acquire a significant amount of assets - oftentimes, more than they even realize when the divorce case starts. So, what complex issues can come up during the property division part of a divorce in Pennsylvania?