Law Office of Joanne Kleiner

Archives for December 2017

Dec 29, 2017

Is January a Good Time to Consider Filing for Divorce in Pennsylvania?

It is never an easy decision to come to terms with the fact that you may want to file for divorce, although the decision that you make immediately after that one such as selecting the date that you will actually move forward with the divorce petition is one that mandates more strategic considerations. Your filing date for divorce impacts many different financial aspects of the final divorce settlement because it is the formal beginning of the legal process for divorce.

The right lawyer can walk you through each stage of your case so that you know whether or not now is right for you. Divorce is so personal that it helps to have someone who cares about your best interests.

Your date of filing might also impact your children and you psychologically. There is no one right answer to when is the right time to file for divorce in Pennsylvania, however, for people who have opted already to divorce over the holiday season or in the fall, the answer for them is often January. There are numerous different reasons why January comes out on top as one of the most popular months for people to initiate a divorce petition. First of all, the holidays are finished in January.

Parents may help children cope and adjust to the transition of divorce by keeping as much stability as possible during the holiday season. It can represent significant challenges and emotional problems for children who are in the midst of a sudden divorce with their parents during the holidays. The holidays are usually a busy time for families with children and this makes it all the more important and also challenging to maintain the necessary stable environment.

If you and your spouse have not yet separated asking for your kids to suddenly deal with you in separate houses during the holidays can be stressful and confusing. This can also lead to questions about who will see the children when. If it is possible for you to stay under one roof peacefully during this time, you may do so for your children’s sake.

Another reason that many people consider filing for divorce in Pennsylvania in January is because the year-end bonus may be in the bank. If you or your spouse gets a bonus from your employer every December, filing for divorce in January clarifies that all income over the previous year, such as year-end work bonuses, is classified as marital property. Other common reasons for people to consider waiting for January has to do with planning for the new tax year and New Year’s resolutions.

The fresh perspective on the change of the year could cause you to finally make the decision to initiate a divorce petition after consulting with an experienced divorce attorney. The perspective of new year’s resolutions may lead you to reflect back on your life and think about whether or not the marriage is capable of being salvaged. With numerous different tax implications involved in a divorce, finishing out the year before rearranging the finances between two different households is often a practical decision.

No matter when you decide to move forward with a divorce, scheduling a consultation with an experienced Pennsylvania divorce lawyer is strongly recommended to give you a clear understanding of what is required of you as well as any necessary steps you should take to protect yourself as you move forward in the legal system. There are many different details to keep track of but you can increase your likelihood of success by working directly with a lawyer who can advise you about all of the things you need to consider before initiating your divorce petition.

CONTACT US

At the Law Office of Joanne E. Kleiner, 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 18, 2017

Should You Keep the House in Divorce?

Divorce represents a major change for you as well as your family members that are all living under one roof. When you and your partner decide to separate or officially file divorce proceedings, critical questions will arise about what you should do with the family home. Determining what to do with the family home includes a careful consideration of numerous different factors.

You may wish to receive the home as the division of property. However, as an illiquid asset, it can be difficult to receive the cash from this home. Furthermore, the memories inside the home may be difficult for you to cope with, although it may be in the best interest of the children to keep the family home stable.

The residence, which can be a home, condominium or apartment, is usually the biggest marital asset and the decision about whether or not to remain in the home is based on emotions and financial reasons. It may be difficult for you to keep this in perspective and make a beneficial and sound decision that requires you to consider every issue that you face associated with this asset. You need to start with an income and expense statement that is accurate as well as a cash flow projection.

There are three primary issues associated with your decision to stay in the house. You can choose to put the residence on the market and sell it, hold on the to the house or keep it and agree to sell it at a later date, distributing the proceeds equally.

At time neither spouse has the financial means to keep the house due to limited income and assets. Putting the house on the market for sale can create cash flow and provide an easy way to divide marital assets. If the spouses have other assets, splitting the marital assets may be easier because the value of the house equity could be offset by the spouse’s other assets.

This allocation enables one spouse to remain in the house. The question is whether or not you can afford the upkeep and payments. It is recommended you keep your housing expenses between 30% and 36% of your total income. You should have appropriate income and other sources so you can pay all of your housing costs. If you could afford to keep the house then ask yourself whether or not it makes sense financially to keep it. Often, it is more sensible to rent a home because of tax deductible expenses.

It makes economic sense to buy when compared with rent because the future appreciation of the asset and tax-deductible expenses. However, liquid securities appreciate much more quickly than real estate. Housing declines in recent years have been abundant so it may be a concern about whether or not it makes sense for you to keep the home as a desirable asset.

There may be other reasons you wish to keep the house. Divorcing couples may wish to keep some stability in the children’s lives and therefore keep the home to minimize problems for the children. Both parties may agree to do this for a defined period of time after which they will sell the home and distribute the equity based on a previous agreement.

You must consider the value of the home equity in the divorce degree. Valuing equity in a home is not easy and you can adjust the equity value today based on its current fair market value. At the expiration of such a term, the equity value will be split between two parties.

Furthermore, the equity could be set as a percentage of the future fair market value to later be allocated between the spouses. It may be concerning for you to keep the house and worry about working with your spouse later on to come to agreeable terms so therefore you may wish to instead plan to sell the house now so you do not have to deal with this issue in the future. Scheduling a consultation with a knowledgeable Jenkintown, PA divorce and family law lawyer can help you in these difficult circumstances so you have a path charted forward.

CONTACT US

At the Law Office of Joanne E. Kleiner, 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.