Nothing about divorce in Pennsylvania is easy, but some of the most significant concerns you may have in a divorce are financial in nature. Where you and your spouse once shared the same home, all your possessions in common and the financial responsibility for your children, now you will have to find a way to divide the property equitably and arrange for the continued support of your children and, potentially, your former spouse.
We at Marinaro Law Firm know that the divorce process can be difficult and emotional. A closer look at the financial issues you will need to resolve may help you to navigate the process more easily.
Whether you will have to pay child support, and how much, is contingent upon the custody arrangements. When you share custody of your children with your spouse, the child support arrangement can be complicated, but if one parent has custody and the other does not, the child support arrangements are typically pretty straightforward; the noncustodial parent pays child support to the custodial parent for the child’s care until the child becomes self-supporting.
Unlike child support, alimony (or spousal maintenance) is not a requirement of a divorce settlement. The court usually orders alimony in a situation in which you or your partner either have no source of income or insufficient income to maintain the same standard of living that you enjoyed during your marriage. The purpose of alimony is to provide a financial safety net until you or your spouse can establish an independent source of income following the divorce.
Real Estate Division
Retaining ownership of your home after a divorce may not be financially advantageous despite your emotional attachment to it. Loss of income could cause you to fall behind on payments and risk foreclosure, and the costs of maintenance and repairs may be entirely your responsibility.
These are some of the most significant financial concerns to arise during a divorce, but they are not the only ones you need to think about. More information about financial considerations in divorce is available on our website.