Gusty A.E. Sunseri & Associates, P.C. Attorneys at Law

November 2011 Archives

Closely-held businesses and divorce, Part 2

In the previous blog post, we began to talk about the issue of dividing a closely-held business in the process of a divorce. The first matter discussed was whether the business would be considered marital property under Pennsylvania law. If the business was established before the marriage, then the more salient issue is going to be what the value of the business was before the marriage (when it was separate property), and what the value of the business was during the marriage (when it was marital property).

Closely-held businesses and divorce, Part 1

Many people invest heavily, in different ways, in their marriages and in their businesses. When one of those investments fails, it can start to drag the other one down. In this blog post and the next one, we will look at ways to protect a closely-held business from being lost when a marriage breaks up.

Property division can be complicated by mortgage debt

Mortgages are considered to have gone underwater when the debt owed on the loan is more than your house is worth. This is a complicated financial situation often arising from refinancing done on your mortgage, and it can take time to build back equity and bring the mortgage above water. But if you carry an underwater mortgage into divorce proceedings, you may be pressed into taking action on the dividing the mortgage debt, and this can be complicated.

Study looks at women's divorce rates by race and education

Pittsburgh divorce attorneys were interested to see news reports of a new study completed by researchers at Bowling Green State University recently. The researchers examined the first-time divorce rates of women. The researchers looked at the data from two different perspectives: divorce rates according to education, and divorce rates according to race.

Prenuptial agreements usually help with property division

Prenuptial agreements aren't only for the rich and famous. It's a good idea for all individuals carrying assets into a marriage to use a prenuptial agreement as a means of protecting assets in the event of a divorce. These contracts can make the division of assets easier by clearly assigning certain assets to one spouse, reducing the time a couple spends in litigation.

Without plans in place, divorce can be bad for spouses' finances

During the divorce process, most divorcing spouses' priorities are set on making a definitive break from their partner, and moving on with their lives. If there is a long-term priority, it is probably the welfare of their children. A spouse's own financial needs down the road tend to get a low priority. In fact, many divorcing spouses are willing to bargain away coverage of their long-term financial needs if they believe it will make a clean emotional break quicker and easier in the here-and-now.

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