Letting go of a marriage and starting over at any age is filled with challenges, most of which revolves around money. Women are particularly vulnerable to financial instability after parting ways. Undoubtedly, money and how much you have can play a major role of contention within divorce disputes.
What you have left in your bank account can dictate your living arrangements, provisions for your children and your quality of life. Oftentimes, couples make statements about divorce in the heat of an argument. Emotion-driven decisions can lead you down a path of no return and wreak havoc on your future.
Here are the three most common areas of divorce disagreements:
Spousal support– Divorces finalized after 2018 will no longer allow spousal support payments to be tax deductible. This new law raises the stakes for spousal support agreements, which is a common dispute while divorcing. Pennsylvania is a state that revokes the right for a former spouse to receive alimony when he or she has committed adultery. Therefore, many couples will try and prove infidelity before the court to avoid paying spousal support each month.
Retirement accounts – Couples often have confusion related to the process of splitting retirement account money. An experienced lawyer can discuss the process of filing a separate “qualified domestic relations order” (QDRO). Separate QDRO’s is required for each retirement account being split-up. You may disagree with your spouse on the way it is being split, and if you want to take that money out right away or roll it into an IRA account.
Child custody – Child custody and parenting plans cause a significant amount of arguing during a divorce case. Parents can argue on every front of this aspect including education, healthcare, time spent with each parent, diet, discipline, etc. Children often feel insecure with the contention that arises during a divorce. Parents may blindly use their children as a tool of spite aimed at their spouse. It is the court’s obligation to view these disagreements considering what is in the best interests of the child.
Divorces raise a floorboard of issues that come out during a divorce along with the contentious areas of post-divorce obligations. Hiring an experienced and trusted family law attorney can help you sort through your options and be prepared for the fights you anticipate. When you have an educated plan of action, you have hope and security for what the future brings.