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Divorce and Family Law Office of Joanne Kleiner

Amicable Divorce Attorney

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Jan 06

The Financial Realities of “Gray Divorce”

Gray Divorce

It’s a trend that researchers have seen for nearly 25 years—the number of people over the age of 50 who have been a party to divorce has steadily risen. Statistics show that, since 1990, divorces among the over-fifty demographic have doubled and among the over-65 group have tripled. Individuals in these age groups face challenges not found in younger adults in divorce.

The biggest challenge, for many, is ensuring that both parties will be able to meet financial needs after a divorce. Far too often, couples get divorced shortly after their children have left home. Many of those couples did little saving in the years before divorce, as much of their discretionary income went to meet the needs of their children. So they now find themselves without much of a nest egg at all, and little to nothing to divide in a divorce, other than the marital home.

One of the first things you need to consider, if you’re in your later years and headed for or involved in a divorce proceeding, is whether you’ll have the income and access to other financial resources to meet your day-to-day needs. You need to look at both the short-term and the long-term. You may be eligible for Social Security, but it could be a few years away. So here are some key considerations if you are involved in a divorce after age 50:

  • What kind of retirement plan do you have? Are all the funds held in the name of one spouse only? If so, you’ll need to divide the retirement plan as part of the divorce.
  • What do you have in savings or investments?
  • What’s the potential for both parties to be gainfully employed, and what level of income is realistic?
  • Do either of you need the marital home? Would it be in your best interests to sell the home and move into something smaller, so that you can have access to the equity in the home?

Contact Us

At the office of Joanne E. Kleiner & Associates, we have more than 25 years of family law experience. We’ll help you stay focused on what matters. To schedule an appointment with an experienced Pennsylvania divorce attorney, contact our office online or call us at 215-886-1266.

Dec 28

Adultery and Alimony in Pennsylvania

Woman carrying a bag of groceriesThough all states now recognize “no-fault” divorce, where parties can dissolve a marriage without any showing of wrongdoing, Pennsylvania is one of a few states that still allows a person to file an “at-fault” divorce proceeding. The principal reason for doing so? A finding of fault can provide advantage to the innocent party when it comes to custody and visitation, the division of marital property and whether or not the court decides to grant alimony.

Under the laws of Pennsylvania, a finding that a spouse engaged in an adulterous relationship is a legitimate basis for a finding of fault in a divorce proceeding. Pennsylvania defines adultery as voluntary sexual intercourse with someone other than a spouse. So what is the impact of a finding of adultery on whether or not the innocent party is entitled to alimony?

It’s important to understand that a grant of alimony is entirely within the discretion of the court. Pennsylvania law allows the judge to consider a wide range of factors, from the age and health of both parties to the income/income potential of both parties. The court can also base a decision to grant spousal support on whether there was “marital misconduct.” That can cut both ways.

If you can show that the adultery of your spouse caused the end of your marriage, you may be entitled to support from your unfaithful spouse. The court may, however, consider the adultery as only one of a number of factors and ultimately decide either to grant or deny alimony. On the other hand, if your spouse seeks alimony in a divorce proceeding, and you can show that he or she was unfaithful, the court will typically deny any request for alimony.

Contact Us

Let us put our commitment, experience and dedication to work for you. To arrange a confidential meeting with an experienced Pennsylvania family law attorney, contact our office online or call us at 215-886-1266.

Dec 15

Divorce and Selling Your Home in Pennsylvania

Selling the Marital Home in a Pennsylvania Divorced

Snow covered homeWhen it comes to dividing marital assets in a divorce, one of the most difficult items to allocate is the marital home. It’s customarily the single largest marital asset and cannot be meaningful divided between the parties. You may agree to have one party remain in the house and offset the value of the real estate by giving the other party a greater share of the remaining assets. The most common way to resolve the issue, though, is to sell the marital home. Here are some things to consider.

The Costs of Selling the Home

Ideally, you’ll be able to sell the house for more than the amount owed, so you should have some type of profit. However, there will also be costs associated with the sale of the home, including an agent/broker fee, closing costs, appraisal fees and the costs of a survey. You may be able to get the buyer to assume some of those costs, or you can have those costs taken from the proceeds of the sale.

Don’t Try to Sell the Home on Your Own

If you have some business savvy, this can often be a good idea—but not when you are in the middle of a divorce. You won’t be able to focus appropriate attention on all the details and you may end up selling for less that the property is worth. In addition, an agent will help you determine the best price at which to sell, so you don’t have to bicker about the asking price. Another advantage of an agent—they may be willing to “stage” the house, so you don’t have to determine who will prepare the house for sale.

Agree How Proceeds Will Be Divided before You Sell

This is something that should be worked out by your divorce attorney. Make certain before you sell that you know exactly how any net proceeds will be allocated. Be sure to include reimbursement of costs or additional payments.

Contact Attorney Joanne E. Kleiner

Let us help you protect your rights. Send us an email or call us at 215-886-1266 to schedule a confidential consultation. We will help you stay focused on the issues that matter.

Dec 07

Avoid Financial Mistakes When Getting a Divorce

Woman looking at bills and receipts on floorWhen you are in the middle of a divorce, the emotional challenges can interfere with the decision-making process. Don’t let your divorce cause you to make financial decisions you regret. Here are some of the big financial miscues people make in the midst of a divorce.

  • You don’t have to keep the marital home if you are the parent with physical custody—Too many single parents in divorce hang onto the marital home for the sake of the children. Unfortunately, a lot of them don’t have the financial resources to maintain the marital residence
  • Equitable division does not necessarily mean equal division—If your spouse engaged in adultery or other wrongful conduct, or if your ex has far greater resources than you do, you don’t have to settle for an equal distribution of property. Equitable means “fair,” but not necessarily equal.
  • Don’t lose track of your monthly expenses—It’s a whole new ballgame now. Your income is different and your expenses have changed. You need to keep a log of all expenses, so that you know if you can afford the lifestyle you are living.
  • Look at all financial decisions in light of the overall financial picture—Deciding what to do with the marital home should include a careful look at all financial aspects of the divorce.
  • Make certain you will still get support if your ex dies or becomes disabled—You can require that your ex obtain a certain amount of life insurance or a policy of disability insurance.
  • Make certain you get your fair share of retirement assets—Whether you worked outside the home and contributed to your own retirement plan or were a homemaker, you have a right to share in the accrued retirement plan benefits. If your ex had a defined benefit plan, you may need to retain an actuary to determine the present fair market value of plan benefits.
  • Be careful about your liability for unsecured debt, such as credit cards—As a general rule, unsecured debt is a marital liability.

Contact Us

Let us put our commitment, experience and dedication to work for you. To arrange a confidential meeting with an experienced Pennsylvania family law attorney, contact our office online or call us at 215-886-1266.