As you said “I do” to the supposed love of your life, you never once thought that your marriage could end in divorce. Research has revealed that almost half of the married couples in the US end up getting divorced. No matter the reasons for divorce, we cannot deny that it is a tumultuous event for both parties. Divorce comes with a host of personal, financial, and legal issues, and one can only hope to finalize their divorce as quickly as possible. Here are a few things you ought to know about divorce laws in Pennsylvania.
Pennsylvania has both no-fault and fault divorce
In the no-fault divorce, both parties must either have mutual consent to end the marriage or if one of the spouses has a mental disorder with no reasonable chance of recovery. A fault divorce is where one spouse blames the other for ending their marriage. Grounds for a fault divorce include endangerment, bigamy, adultery, or desertion.
There are exceptions to marital property
In Pennsylvania, all property acquired during the marriage is treated as marital property and is subject to division. However, there are specific properties that are not subject to the division of the married couple deciding to file for divorce. These include property excluded in a prenup agreement, assets acquired between final separation and finalization of the divorce, gifts, property acquired before marriage, and inheritance.
Your divorce will most likely affect your retirement savings
Any money you put into your retirement or pension account will be considered a marital asset and is subject to division. The judge will divide this money as they see fit. If you created a 401(k) plan account before you got married, the money you deposit into this account is considered a separate asset and won’t be divided between you and your ex-spouse during the divorce. Be sure to reach out to reputable divorce lawyers in Norristown, PA, for further advice about your retirement savings. They can help you avoid costly mistakes and make your divorce process smooth.
There is no strict formula for child support
The court can order the non-custodial parent to pay child support by the court of law. However, several factors will be used to determine the payments they should make. They include the income of both spouses, ages of the children, non-marital assets, and extraordinary medical costs. Keep in mind that child support will only cover the child’s basic needs and doesn’t extend to private tuition fees and summer camp fees.
Parts of your will change after divorce
If you indicated in your will that you would leave your assets to your now ex-spouse, the court would declare this directive null and void. Depending on the grounds of your divorce, the court can also deny your spouse from obtaining your assets. However, it would be best to keep in mind that alternate fiduciaries do not automatically change once you are divorced.
These are some of the laws you ought to know as you go through a divorce process in PA. A divorce lawyer can give you expert advice and guide you on the best course of action as you go through the divorce process. It would also be wise to contact a financial advisor to help you manage your monies as you file for divorce.