These days it is becoming increasingly common for couples in Pennsylvania who have been married for decades to decide to call it quits and get a divorce. In what is coined a “gray divorce” issues these divorcees face may differ from those of their younger counterparts. For example, child custody and child support may be non-issues if the children are grown, but property division and spousal support may be of greater concern to those near retirement or retired already. In these situations, preparation can be key.
Pennsylvania is an “equitable distribution” state when it comes to property division. This means that marital assets will be split based on fairness, even if the outcome is not exactly 50/50.
It is important for both spouses to gather all separate and marital assets and debts before beginning the property division process, so they understand what they are working with. It may be tempting to try to hide assets, but such tactics will generally be found out and rarely work in your favor.
Think about your needs
Once you have an understanding of your marital assets and debts, you will want to think about your current and future needs. For example, will you need to adjust your lifestyle following your divorce? If so, it can be prudent to have an emergency fund that covers at least six months of living expenses.
You will also want to determine how your divorce will affect your retirement. Retirement accounts, such as 401(k)s, IRAs and annuities are all subject to property division, but there are different rules for dividing different types of retirement assets in a divorce.
Learn more about property division in Pennsylvania
Getting a divorce at any age is a complex process, but those in a gray divorce may have unique needs. This post is for informational purposes only and does not contain legal advice. Our firm’s website on property division may be a useful resource for those who want to learn more about this topic.