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Asset division: A little pre-split prepping goes a long way

OK, so you’re going to get divorced. If you are like most people in Pennsylvania and elsewhere about to take this plunge and embark on a new life, you are likely thinking about money and possessions.

In other words, and unless you’re filthy rich and without a financial concern in the world, you are understandably concerned about personal finances. It’s only logical that, as you set a new plan going forward following marital dissolution, you want to ensure some degree of financial certainty and independence.

That focus is common for people involved in the divorce process, and it is certainly healthy thinking to be considering assets and proactively developing a plan centered on post-divorce financial freedom.

In fact, a high percentage of all divorces centrally involve property division considerations. Prior to divorce, many marriages have lasted for years, if not decades. Over that span of time, money often finds its way into bank accounts, investment portfolios and company-sponsored savings vehicles. Homes are purchased, as are automobiles, furnishings, art work, jewelry and additional items of real and personal property.

In Pennsylvania, an equitable division of marital property is often at the core of divorce negotiations. A fair and rational accounting of assets requires that they first be accurately identified, characterized as either non-marital or marital property and properly valued.

Accomplishing those goals is often a complex and painstaking endeavor that requires the central input and close scrutiny of a proven family law attorney with deep experience in matters relating to property division.

A contributor in a recent media article on divorce-related asset protection and division makes reference to “the right attorney” for this important job.

That professional will be, the writer states, a lawyer “who helps you understand your goals … and who creates a plan to get your there.”

Source: Go Banking Rates, "How to perfectly plan your divorce to protect your assets," Amanda Garcia, Jan. 8, 2014

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