Things to Consider When Splitting Assets and Determining Alimony in a Divorce

Knowing how assets are divided and alimony amounts are determined can help give you a general idea of what may be awarded to you in a divorce. Hiring local divorce attorneys who are familiar with judges in the family court can also give you some insight into their communication styles and the factors they consider when dividing property and ordering alimony payments.

Property Division

Pennsylvania is an equitable distribution state. This means that courts divide marital assets and debts between spouses fairly, which isn’t necessarily a 50/50 split. It is always best to work with your spouse when determining what each person will get in a divorce instead of having a judge decide. Although a judge can make the final decision about how your marital assets are divided, nobody knows your circumstances better than you and your spouse. The following steps can help make the process easier and cut down on conflict.

Make a List of Assets and Debts

Each spouse should make their own list of assets and specify who should receive each one in the divorce. After you have both completed your lists, come together to compare and discuss any issues. It is critical to be honest and transparent. If you fail to include certain assets and your ex-spouse finds out later, they can petition the court to reevaluate the property division in your divorce. You may also face penalties and fines if you deliberately fail to disclose assets.  Assets to consider when making your list include:

• Bank accounts
• Retirement accounts and pensions
• Real estate
• Vehicles
• Insurance policies
• Investment accounts
• Anything and everything of value that you own

If you are unable to agree about whether an asset is marital or separate, you will have to prove to a judge that you have always owned it separately. Receipts, evidence of the date of payment and other documentation can show that you came into the marriage with the asset or purchased it on your own.

Debts acquired during your marriage such as a mortgage, credit card debt or tax debt will most likely be divided between you and your spouse.  If you are concerned about how your assets and debt may affect your personal finances and credit, an experienced divorce attorney can evaluate your case and advise you of your options.

Consider the Value of Your Property

Typically, courts accept the fair market value of all items. FMV is what the item is worth today if you sell it, not what you paid for it. Putting your heads together when considering the value of all your assets can be of significant benefit when it is time to create a divorce settlement agreement. If you own any items like rare collectibles or jewelry, you may want to seek the assistance of an appraiser.  It is also important to speak with an attorney for wills and trusts to make proper adjustments to the beneficiaries of your will and other assets.

Spousal Support/Alimony

Spousal support is calculated by formula. Alimony payments can also be negotiated outside of the courtroom. If a judge has to make a final decision about alimony, they will take multiple factors into consideration, such as the length of your marriage, your standard of living during the marriage, the needs of the dependent spouse, and other factors. Once you and your spouse decide how to split your assets, your divorce lawyers can draw up a formal divorce settlement agreement.

This blog was originally posted at https://carosella.com/things-to-consider-when-splitting-assets-and-determining-alimony-in-a-divorce/

Documents You Need While Settling an Estate

If you have never done it before, acting as the executor or personal representative of an estate can be daunting. Knowing what is required and how the process works can make it easier and less stressful. An experienced probate attorney can let you know what to expect and ensure you gather all the documents you need to settle an estate.

As the executor or personal representative of an estate, you have a responsibility to ensure that the decedent’s assets and property are secure. The sooner you gather the proper documentation, the sooner you can open the estate and begin the probate process (if required). Depending on the circumstances, this may be a fairly simple or an extremely challenging task.

Important Documents for Settling an Estate

Although each situation is unique, there are some basic documents you will need to open and settle an estate. Having them in hand when you open the estate is ideal, but if you cannot find everything you need right away, it is usually still possible to move forward. If the person died without a will, it is best to consult an estate planning lawyer to find out the most effective way to settle the estate.

Documents an executor or personal representative should collect include:

• Will
• The names and contact information for everyone who is named as a beneficiary in the will
• Evidence of funeral expenses, such as receipts or invoices
• Medical bills
• Tax returns
• Checking and savings account statements
• Investment account documentation and statements
• Pension or retirement account information and statements
• Life insurance policies, including beneficiary information
• Deeds to any property owned by your loved one
• Titles to vehicles
• Appraisals of valuable items such as jewelry, real estate, and fine artn>
• Any unpaid bills, credit card statements, and invoices

You will also need certified copies of the death certificate to provide proof that your loved one passed and to have certain assets released. Funeral homes and crematoriums typically offer this service and can obtain multiple certified copies for a small fee. If you’re not sure which items should be appraised, a real property lawyer can help you determine which assets warrant appraisal.

How a Probate Lawyer Can Help

Even if you have a valid will and all required documentation, you may encounter roadblocks in the estate settlement process. Attorneys for wills and trusts are usually knowledgeable about probate and estate settlement issues that can arise. They can help you file the will and complete an Estate Information Sheet and Petition for Probate if necessary.

A lawyer can also advise you on the many tasks and responsibilities you assume as the personal representative of an estate. From creating an inventory of assets to paying debts and filing an inheritance tax return, there are multiple steps that must be completed to settle and close an estate. If any problems pop up, your attorney can help you sort them out and ensure the interests of the estate and its beneficiaries are protected.

Do you need help with creating a will or settling an estate? Our experienced team at Carosella & Associates can help.

This blog was originally posted at https://carosella.com/documents-you-need-while-settling-an-estate/