Some couples that are preparing for divorce in Pennsylvania have very little negotiation to do. They already have a marital agreement that outlines how they should divide their debts and assets. However, those without a written agreement will need to negotiate with...
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Property Division
Prenuptial agreements growing in popularity and necessity: Part II
In our previous post, we began a discussion about the growing popularity of prenuptial agreements. More couples in Pittsburgh and elsewhere are realizing that these documents are not just for the very wealthy or for couples of vastly different ages. That's why the...
Prenuptial agreements growing in popularity and necessity: Part I
Valentine's Day occurred earlier this week, and the dust may be just starting to settle for many Pittsburgh residents. There are few occasions which illicit such contrasting emotions, and most people either love or hate this holiday depending on their expectations and...
What to do with the house in a divorce
The end of a marriage not only takes an emotional toll on those involved, it also poses significant financial challenges. During divorce proceedings, spouses must determine what to do with a variety of assets, including the house. Given the financial consequences...
High-net worth divorce for Kobe Bryant after 10 years’ marriage
Celebrity divorce settlements are absorbing for many reasons. Beyond the gossip, it can be intriguing to consider, from a legal point of view, what issues may arise during the divorce when substantial income and assets are involved. Even though the divorcing couple...
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...
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...
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...
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...
McCourts reach property division settlement worth millions
Even in Pittsburgh, the story of the divorce between the owners of the L.A. Dodgers Major League Baseball club has been making the news (including this blog). Frank and Jamie McCourt have been in the divorce process now for three years, and are said to have...