As people look for a fresh start in the new year, the number of divorce filings increase significantly. According to the American Academy of Matrimonial Lawyers, January frequently sees the number of people filing for divorce go up by a third. However, before people decide to end their marriage, they should be aware of the ways their lives may change.
Financial changes after a divorce are often troublesome. Along with no longer benefiting from two incomes, those whose marriages have ended may also see their tax situation altered. Certain tax deductions may no longer be available to them.
It’s also important to note that marital assets are not necessarily divided evenly in Pennsylvania divorces. Someone may end up with a larger portion of a couple’s property based on their current and future ability to earn. Additionally, a person who gave up a career to take care of the family may see a larger portion of a couple’s assets. People should also be aware that when they divorce, they will likely want to change their beneficiary designations on their retirement accounts and insurance policies or their spouse will still benefit if they pass away.
A person who decides to get a divorce is likely to have to deal with a number of issues, and these topics may be contentious. Along with splitting up assets, people may also have to deal with matters related to spousal or child support. Couples with children will also have to come to agreements about visitation and custody. A family law attorney can often be of assistance to a divorcing spouse in negotiating a comprehensive settlement agreement that addresses these topics and which can be then submitted to the court for its approval.