Franklin Park Complex Divorce
Divorce is already complicated by itself. Yet, there are cases that are particularly categorized as complex divorce. These entail specific and difficult issues that require the assistance of a skillful and experienced legal specialist.
If certain abstruse concerns far different from an ordinary divorce case are present in your own, call the help of a professional and let them discuss the probable solutions to your predicament. Generally, complex divorce problems include the management of a family business, professional practice, extremely valuable property, source of payment for alimony, etc. Continue reading to know more about complex divorce issues.
Call Voelker Kairys & Morris at (412) 693-6655 to get a free consultation with a law expert.
Common Issues of Complex Divorce
Typically, a lot of complex divorce concerns involve finances. The distribution of assets, property, etc. Here’s a deeper delve into each common issue:
Transmutation or Property Tracing
In Franklin Park, the equitable distribution of property involves different divorce asset division concerns such as amalgamation, tracing, transmutation, and retitling. According to PA law statutes, personal or separate property of spouses may be altered into marital property using the retitling method in which joint names will be utilized in ownership instead of a single name.
However, the comingling method cannot be used to convert the said property in which personal assets will be transferred into an account containing marital property but owned only by an individual spouse.
Franklin Park, PA law also repudiates the idea of transmutation. It prohibits the conversion of personal or separate property into marital possession when marital funds are already exhausted due to the purchase or maintenance of separate property, debt services, improvements, etc.
Any purchase made within the scope of a marriage is considered marital property pursuant to The Divorce Code, 23 Pa.C.S. § 3501(b). Yet, there is still a provided opportunity for spouses to prove that something, though acquired during the marriage, is not marital property. The guidelines listed under § 3501(a) must be taken as criteria.
If any property gets mixed up, it is important to do asset or property tracing to prove to the court who the separate owner is—give credit to the owner, eliminate credit from one spouse, or make a petition to divide the property unequally but fairly, in accordance with the equitable distribution of property in Pittsburgh, PA.
High Financial Assets
Finances are mostly the cause of extreme contention in complex divorce cases. To resolve each related legal issue, a complex divorce attorney must assess significant concerns such as business interests, hidden assets, child support, and spousal support, asset division, including retirement and investment accounts.
What business is involved in the marriage? Who is the legal owner? How did each spouse contribute to the success of the business? These are some of the most important questions to answer in evaluating high-asset issues that include a family business.
The asset division is conducted following the ownership assessment of each asset. This is where it is made known to the couple whether or not a spouse has any right to the assets. Relatively, it is also a phase wherein an investigation regarding hidden assets is initiated. In this issue, the need for child support and spousal support is also determined.
If an income-producing investment is distributed equitably, it cannot be utilized for the payment of alimony to the low-wage earning spouse. This concept is deemed unlawful by PA courts. The higher-earning spouse must extract the amount to be paid from his monthly income. There is a formula set by Pennsylvania law in calculating the appropriate amount, depending on whether the couple has minor children or without.
The date of separation of a married couple is of high importance in any divorce case. There are two primary reasons why: 1) the date of separation highlights the pendency of the unilateral divorce, and 2) the date of separation serves as a cutoff time for the identification of the marital property acquired within the marriage.
Preceding 1980, legal separation is recognized in Franklin Park, PA. Yet today, the Keystone State no longer honors any married couple’s petition for a legal separation. In fact, they can be considered separate while living in the same home. In determining a separation in Pittsburgh, some factors need to be analyzed: 1) cessation of sexual involvement, 2) financial account separation, 3) separate representation of identities in a community.
The most vital factor in a period of separation is one party’s initiative to dissolve the marriage, which must be explicitly communicated to the other party.
Reach Out to Voelker Kairys & Morris
Voelker Kairys & Morris offers legal services that are helpful for your complex divorce issues. The knowledge of Franklin Park law and statues is not enough, and a complex divorce lawyer must have a high degree of financial acumen and legal experience in various sections of the law. At Voelker Kairys & Morris, our attorneys will guide you in attaining your desire that involves the dissolution of your marriage. We will help you every step of the way and educate you in every aspect of the law.
For more inquiries, contact Voelker Kairys & Morris at (412) 693-6655 or book a free consultation now!