Tag Archive for: divorce

Should You Change Your Name After Your Divorce?

If you changed your last name to your husband’s when you married, you might be considering changing it back to your maiden name after your divorce. Depending on your situation, there are pros and cons to a name change. 

Fresh Start 

Dropping your ex-spouse’s name creates a firm break from your past married life. Taking your spouse’s name symbolized you were one unit. Changing your last name shows you are no longer emotionally, legally, or financially connected. You are independent, and your marriage is over. If you are having a difficult relationship with your ex-spouse, it may be additional motivation to change your name. 

Does Your Maiden Name Reflect Who You Are? 

You should be proud of this new, post-divorce you. You are not the same person you were during your marriage. Life after your divorce is a new chapter. Changing your name, where you live, and even new clothes may be part of your emotional makeover. 

Will a Name Change Cause Confusion in Your Professional Life? 

If you work professionally, own a business, or are successfully moving up in your industry, you have a personal brand you need to maintain. You want people to think specific positive thoughts when your name comes up in conversation, or you meet them. Changing your name can confuse those you work with or connect with.  

However, this change should be manageable. Businesses often rebrand themselves, their products, and their services. Do you drive a Nissan? Back in the day, it was a Datsun. Blue Ribbon Sports is now Nike. Divorces are common, and changing your name is not something negative. Consider making it positive by creating a reason to reach out to these people, give them an update, and engage in a conversation.  

Will It Impact Your Children? 

You could change your last name, but your children could have their father’s last name. If your kids are young, maintaining your ex-spouse’s last name may be more practical and easier. You can always change it later. 

Which Name Do You Like More? 

Do you have a preference? You might not like your maiden or married name for many reasons. It may be very long, difficult to spell, or not very flattering. You might not have enjoyed being Ms. or Mrs. Butts, Crump, or Gopnick. You may be tired of spelling out “Krzyzewskewicz” to people. You have options. 

Changing Your Name and Bill Collection 

Some people leave their marriages deep in debt, and if they have been out of the workforce for a long time, their job and income prospects might not be good. Bill collectors use many methods to find debtors. As part of the name change process, you will need to publish a notice of your name change. Thanks to that notice, the internet, the amount of publicly available information about you, and special databases used to find people, going back to your surname will not help. 

If you have questions about the name-changing process, call us at (215) 607-2893 or fill out our online contact form. 

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Divorce Settlement Mistakes You Can Make Without an Attorney

Can you write your own divorce? Do you really need a divorce attorney? People hire attorneys because they need help with something they do not feel comfortable doing themselves. Most of those getting divorced should retain legal counsel to protect their rights. We provide advice and counsel to educate our clients and propose courses of action. 

Our attorneys want to prevent mistakes because that is one way we provide value to our clients. It is up to our clients, not us, to decide what direction to take, but if they follow our advice, they reduce the risk of making errors we want them to avoid. 

Most divorce cases settle. For nearly all parties getting divorced, litigation consumes too much time, energy, emotion, and money. The resolution to your divorce will probably be an agreement that will impact you for the rest of your life. It must be in your best interests as much as possible. 

What Divorce Settlement Mistakes Can I Make? 

  1. Do Not Just Settle 

Divorce can create a lot of stress and you may want to put it behind you. We can do that depending on the circumstances and how well the parties cooperate. But the assets you have, any children involved, and the cooperation of your spouse, will all impact how long it will take to reach an agreement. Your spouse may use your urgency against you and propose unreasonable terms hoping you will quickly agree. 

  1. Tax Implications Are Not Considered 

Not all assets are alike, and there are tax implications to the equitable distribution of property. Some assets may be taxed higher than others, impacting their value. If you do not know about tax issues, you may agree to a property settlement that, after taxes, is worth significantly less than what your spouse will receive.  

  1. You Want to Keep the Marital Home. Can You Afford It? 

If you own a house or condo, keeping it may be a goal for many reasons. You may see it as worth giving up your rights to other property to attain it. Is this goal reasonable? Create a post-divorce budget.  

  • What will your expenses and income be?  
  • Will you be able to refinance the mortgage? If so, what will your payments be? If not, what is your Plan B? 
  • Will you be able to pay the utilities, mortgage, insurance, and taxes?  
  • Will you be able to set aside money to pay for future repairs and maintenance? 

Everyone needs a home, but will this one make you so property-rich and cash-poor that you will be forced to sell it after your divorce? 

  1. Your Spouse May Hide Assets 

A complete inventory of the parties’ marital assets is the foundation of fair, equitable property distribution. Do not agree to a settlement if you believe your spouse is dishonest and may be hiding assets. If there are ways he or she may be siphoning off or mislabeling assets, we can get to the bottom of it so we can have clear, reliable information about the property the two of you own. 

Contact Karen Ann Ulmer, P.C., today if you are thinking about getting divorced and have questions or if you have decided it is right for you and need legal representation.  

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How to Get Along With Your Ex

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One benefit of divorcing your child’s parent is that there is no longer the pressure to maintain your marriage. But you should strive to get along well enough to co-parent your children. That is a much less demanding and intense relationship than being married. You do not have to keep up appearances, your kids should understand the situation, and it is much more of a working relationship. 

Sometimes Time Does Heals Wounds 

Here are three reasons from Psychology Today why your relationship could improve: 

  • If the person’s role in your life declines, long-standing frustrations may disappear. You will still be incompatible, but since you are less dependent on each other, those issues are less important.  
  • Over time and with life experiences, everyone changes, including you and your ex. The two of you may become better people who have an easier time getting along. 
  • Instead of seeing yourselves as trying to escape each other, you both see the common goal of raising happy, healthy, well-adjusted kids. You appreciate there are more benefits of cooperation than antagonizing each other.

Your relationship was bad enough not to be married. That does not mean that, as ex-spouses, you cannot work together to be good parents. Your bad marriage may have stressed the two of you out and distracted you so much that your parenting ability suffered. The two of you may be better parents post-divorce. 

Steps to Take to Improve the Relationship 

A divorce is a significant change in your life. The two of you will not instantly lock into doing, saying, and thinking things that will smooth out your relationship. Another Psychology Today article suggests some options:    

  • Be patient. Give each other some time and space to adjust. 
  • Keep your priorities straight: parenting happy and healthy kids, not settling scores or trying to run your ex’s life. 
  • Have a mature and respectful relationship with your ex. If you are still too upset to communicate, use a third party as a go-between.  
  • Lower the heat by refraining from accusations and keeping your voice under control. The past is over. Focus on the future. Look at this as a mature, business-like relationship whose purpose is to achieve goals. 
  • Do not use your kids as pawns in a mind game you want to play with your ex. It will hurt your relationships with your kids and ex. 
  • If you start a new relationship, do not rub it in your ex’s nose. Keep your new partner out of whatever disputes may arise with your ex. 
  • Do not put down your ex in front of others, especially your kids. Be an adult. Move on 

Do not allow uncomfortable feelings about your marriage to rule your life and make you and your ex less effective parents. Learn from the past and take steps now so everyone can have a better future. 

Get Help if the Situation Gets Out of Control 

Most divorced parents work it out and responsibly parent their kids. If your ex is not adjusting to the post-marriage reality and making you and your kids miserable, we can help. If you have any questions or want legal representation, please contact us here at Karen Ann Ulmer, P.C.  

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Divorce and Your Parents’ Money: Does Any Belong to Your Spouse?

With divorce comes the equitable (or fair) division of marital property (property acquired during the marriage). Generally, assets owned by a spouse’s parent are not considered marital property, so your spouse should not have a valid claim to them. But this is divorce law, so there are possible exceptions that may make your case complicated. 

How Would Equitable Division Impact Past Trust Payments or Gifts? 

Clarifying which property is marital and what is not is spelled out in Pennsylvania statute (35 Pa.C.S.A. §3501(a)). Under the law, generally, property that is a gift from your parents, directly or through a trust fund, would not be marital property as long as you treat it as separate, personal property:  

  • Non-marital property: You put it in a bank account with your name, your spouse cannot access it, and you spend it for personal reasons. You buy yourself a car with it or spend it on furnishing your home office. 
  • Marital property: It is in a joint account, used to purchase marital assets or to pay ordinary marital expenses. 

Also not marital property is money you manage for your parents. If you are spending it to benefit them and your spouse has no access and it has not been used for marital purposes, that property belongs to your parents.  

How Would Alimony Impact Future Trust Payments or Gifts? 

The property you receive after your marriage ends is not marital. A spouse cannot have a claim on a future inheritance, trust fund payments, or gifts from parents you have not received yet as marital property. However, if your spouse is awarded alimony, you may need this future income to pay it. 

If you used commingled past trust fund payments and gifts and paid joint living expenses and property with it, they helped you establish your standard of living. If your spouse seeks spousal support or alimony and you agree to it, or a judge orders it if there is no agreement, one of seventeen factors is the standard of living the two of you established during your marriage.  

The fact that you improved your standard of living during your marriage by commingling trust payments and marital income may end up aiding your spouse’s argument that alimony should be paid. You may spend future trust fund payments on alimony, so indirectly, your spouse may end up with part of those future payments. 

Another alimony factor is the “expectancies and inheritances of the parties.” Alimony amounts can change in the future if there are “changed circumstances of either party of a substantial and continuing nature whereupon the order may be modified, suspended, terminated or reinstituted or a new order made.”  

A future inheritance is not marital property, but if you receive an inheritance so large that your circumstances have changed in a “substantial and continuing nature,” your ex-spouse could ask a court to obtain alimony or increase payments after that happens. Like trust payments, though a future inheritance is not marital property to be divided, your spouse may get some of it through increased alimony payments. 

On the flip side, if you receive alimony and after your divorce get the benefit of sizable trust fund payments, gifts, or an inheritance from a parent, your ex-spouse may ask a court that their alimony payments be reduced or ended because you no longer need financial support given this extra income you have received. 

Equitable Distribution and Alimony Issues Can Get Complicated. Let Us Unravel Them for You.

Contact Karen Ann Ulmer, PC, today if you are considering getting divorced and have questions or have decided it is right for you and need legal representation. Call us at (215) 752-6200 or fill out our online contact form. 

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Preparing to Lose Benefits After a Divorce

If you rely on your spouse for health insurance and retirement benefits, losing them will be one of the costs of a divorce. There are also tax benefits to marriage that will end. But your losses may be lessened with planning and the right advice and preparation from your divorce attorney.

Health Insurance 

Most people get health insurance as a workplace benefit. The US Census estimates that in 2019, 55.4% of those with medical coverage got it through the workplace. If you currently work and are covered by your spouse, find out if your employer offers health insurance benefits, and if so, its benefits and costs. If you are looking for a new job after your marriage ends, these benefits may be a key to making a position attractive. 

If your spouse can get health insurance through their job, and you have children, it probably makes the most financial sense to have them covered by these benefits.  

The federal Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) changed the Employee Retirement Income Security Act (ERISA), the Public Health Service Act, and the Internal Revenue Code to require group health plans to provide a temporary continuation in situations where it may otherwise end.  

If you were covered by your spouse’s medical benefits when you divorced, it could continue. But you will pay your entire premium (there will be no employer contribution), and it will not be available forever (it lasts up to 36 months). Because of its expense, COBRA coverage is often a “bridge” to your subsequent, more affordable health coverage. 

If coverage through your job is not an option, you should consider plans available through the Affordable Care Act (ACA or Obamacare) marketplace. If your income is low enough, you may qualify for a subsidy. Your cost will not be affected by pre-existing conditions, but the coverage’s quality,  your age, whether you are covering your children, and your location will impact the premium. You have 60 days from your divorce to enroll. If you miss that deadline, you must wait until the next open enrollment. 

Tax Breaks 

The impact on your taxes will vary. If your income is higher or equivalent to what your spouse earns, you will probably pay a higher tax rate after your divorce because married couples filing jointly usually pay fewer taxes. There is also a larger limit on charitable contributions. If you make substantially less than your spouse post-divorce, you may be in a lower tax bracket and pay less. 

If your divorce was finalized after December 31, 2018, and you pay alimony, you cannot deduct it from your income. If you collect alimony, it is not taxable income. Likewise, child support payments are not deductible and are not considered income for the parent obtaining the support. 

Retirement Benefits 

Retirement benefits like 401(k) accounts and pensions are generally considered marital property, so they could be equitably divided during the divorce. During the divorce process, all marital property is inventoried. A fair amount for each is negotiated by the parties or ordered by a judge after a trial. It is common that instead of retirement benefits being split up, they will stay with the spouse who earned them, while that party gives up an equivalent amount of other assets to make up for it. 

There are many moving parts to a divorce, and the number and size of those parts vary with each couple. Contact Karen Ann Ulmer, P.C., today because we are here to help you with a divorce. If you are considering getting divorced and have questions, or you have decided it is right for you and you need legal representation, call us today. 

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How Much Should It Cost My Spouse to Buy Out the House?

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Equity in a home may be a married couple’s biggest asset. Before deciding what to do with the marital home in a divorce, you must find out how much that equity is and what the home would probably sell for if it was put on the market. Get professional help for this task. There is too much at stake to try to come up with some figures after a couple of hours of internet research. 

Why Does This Matter? 

The assets and debts of married couples are equitably divided in Pennsylvania divorce proceedings. If the couple has a house and a mortgage, who gets what is an essential part of the process. That starts with determining the home’s value and how much equity each party has.  

The home is usually a significant component of the overall agreement of how assets and debts are divided. If the parties cannot agree, assets and debts can be divided by a judge after a trial. This is the most time and resource-consuming way to resolve the issue, which is why it is the route of last resort if the parties cannot agree. 

This does not matter if the house is not marital property subject to division. It may have been owned by one spouse before marriage, though the other spouse may make a claim to its increase in value since the marriage began.  

The parties may also have a premarital or prenuptial agreement spelling out who will get the home in case there is a divorce or a formula to determine an amount. A prenup may also spell out the amount that one needs to pay to buy out the other’s interest. 

Another option is selling the house. After the mortgage, liens, taxes, and costs are paid, the profit left over is part of the cash the two of you will divide. 

What is Home Equity? 

Appraised Value – (Balance of Mortgages + Liens) = Home Equity 

The higher the appraised value and the lower the balances for your mortgage and liens (if you have any), the more home equity you have. The two of you should agree on a professional appraiser to determine the appraised value. Each of you could hire your own, and the result may or may not differ, but no matter the outcome, the cost is double that of just hiring one. 

Avoid a do-it-yourself appraisal. Unless you are a trained professional, you do not know what you are doing. Properties you think are comparable may not be, and you may miss properties that genuinely are similar. This approach could cost you far more than the money you save by not hiring an appraiser. If you are buying out your spouse, you may come up with an inaccurate value that is too high, or if you are the one receiving money or other assets, your figure may be too low. 

The spouse buying out the other should hire a home inspector. That extra pair of educated eyes could find hidden problems impacting the value. It is better to learn about them sooner than later. 

How Will I Pay to Purchase My Spouse’s Interest in the House? 

There are different options. If none are feasible, you will not be able to buy your spouse out. As much as you may want to keep the house, if you can not afford it, you must move on. 

The simplest way is to pay cash, but not many people have that much in reserve. You could refinance the mortgage, but interest rates are up, and qualifying may be difficult. You would pay off the existing mortgage balance through the refinance and use the equity to pay the other spouse. If your application is accepted, your monthly payment may be more than what you pay now. 

Another option might be that the other party will accept payments over time, and the property title changes after the last one is made. This will require a written contract, and both sides will want to protect their interests if, in the future, the paying party cannot afford full payments or complete the deal within the specified time frame. 

Because all marital assets are subject to equitable division, one way to buy out your spouse is to transfer or give up your claims to other assets. Read our blog article I Want to Buy My Spouse Out of the House for more information.

If you have any questions about what will happen with your home after a divorce or need legal representation, please contact us here at Karen Ann Ulmer, P.C. We can discuss how this may play out and how we can help you through the process. 

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I Want to Buy My Spouse Out of the House

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If you and your spouse are divorcing and you own a home, you have some options. If you want the property, you will need to pay your spouse for their equity share. One way to accomplish this is to trade assets or property as part of the divorce process.  

Splitting up your debts, assets, and possessions fairly and equitably will be part of your divorce. It can be very contentious, but ideally, the parties should consider this a business transaction. The two of you will start a new personal life, and to accomplish that, you will need to split your financial lives in a way you can both accept. 

You can reach a resolution or litigate the issue and have the judge decide. If that is where the case ends up, you will give up controlling the outcome, which will cost you more time, energy, and money.  

How Can I Make This Work? 

If you prefer to live in your marital home, you will need to pay your spouse for their ownership interest. 

Often during divorces, the spouses agree and disagree on a mix of assets. You could offer your spouse something that is clearly yours and give up your rights to assets that are contested. Consider the following scenarios: 

  • The two of you have $100,000 in home equity. To buy out your spouse’s $50,000 share, you could give up your $50,000 interest in a joint investment account or a 401k. 
  • You are claiming spousal support. You may give it up or reduce it in exchange for your spouse’s home equity.

Ideally, your spouse will be open to swapping assets to cover their home equity, and it will be enough to cover the whole amount. If that is not the case, you could pursue a cash-out finance but keep in mind the following:

  • You would refinance your mortgage, but in your name only. 
  • This is only an option if you qualify for the loan and can afford the new monthly payments, which will probably be higher than what the two of you now pay. You are also subject to the going loan rates, which are going up and down. 
  • If you are the sole owner, you must also be able to afford all the other costs that come with home ownership, such as taxes, utilities, maintenance, repairs, and insurance. 
  • The refinance gives you access to the home equity, which you can use to pay your spouse.

Given the number of divorces, this is nothing new for mortgage companies. However, if this is your first divorce, it is new to you. Refinancing a mortgage during a divorce will probably involve substantial potential financial liability, so this should not be decided upon quickly without advice from an attorney. 

What Could Be My Plan B? 

As much as you want the house, depending on your post-divorce income and assets, buying out your spouse could make you house-rich and money-poor. You may end up with not enough money to go anywhere or do anything, and being one major house repair away from living on credit cards. Your spouse could buy you out, or the two of you could sell the house and split the profit. The money you receive could be your down payment on a more affordable house.  

Who Will Own Your House is Just One of Many Issues 

If you are considering getting divorced and concerned about where you’ll live afterward, contact us here at Karen Ann Ulmer, P.C., so we can answer your questions and discuss how we can help you.   

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What is a Master in Divorce?

The master in divorce is an experienced family law attorney appointed by the court who may help you and your spouse resolve your differences. Masters resolve contested divorce and annulment cases, including post-divorce alimony and equitable division of debts and assets. A divorce master will not provide legal advice or help you file for divorce.  

The master does most of the court’s work in a divorce case. This process aims to lessen the judges’ workload, resolve disagreements and prevent cases from going to trial. A master’s duties include conducting conferences to resolve the following issues: 

  • Equitable division, alimony changes, and child custody disputes 
  • Counsel fees, costs, and expenses 
  • Special relief and discovery (the process by which the parties exchange information, documents, and testimony before a trial)  

The master (the term “hearing officer” is used in the statute) can hear testimony and take evidence. 

How Does This Work? 

After discovery, the parties may agree on the division of your assets and debts, for example. If so, we will draft a settlement agreement outlining the agreement’s terms, file it with the court, and if all goes well, it will be part of the divorce decree. If we cannot reach an agreement, we can request a masters hearing, which may come four to six months later. 

Before the hearing, we will create a document for the court stating the relevant information in your case, including facts about you, your children, spouse, incomes, and assets. With it will be copies of relevant documents the parties exchanged during discovery. Your spouse and their attorney will do the same. The master will review both sides’ submissions before the hearing to understand the issues the two of you have resolved and those still in dispute. At the hearing, both spouses, their lawyers, and the master meet in a courthouse conference room.  

If the master feels the need, testimony would be taken to create a complete record of the relevant facts. If some facts are disputed, the master may use testimony to make credibility judgments about the parties and witnesses. 

The master makes recommendations to help the parties reach an agreement.  If you do so at the hearing, the agreement is read to a court reporter, who records it as a court transcript. The master sends the file to the judge, who signs the final decree. 

If there is no agreement at the hearing, the master writes a report with a statement of facts, conclusions of law, and a recommendation to resolve the issue. It is sent to the attorneys in the case. We would have 20 days to discuss and accept or reject it. We could also ask the master for a new hearing. If one or both sides disagree, the recommendation can be appealed, and a hearing with a judge will be requested. The judge will hear arguments on the exceptions at the hearing and issue a final decree. 

Get the Help You Need From Attorneys You Can Trust 

A divorce has many moving pieces. You can get into trouble if you do not understand how it all works together. A critical component is court procedures. You may have a strong case that should help you reach your goals, but if you do not know how the court system works, what you need to do, and who does what, you may fall far short.  

The attorneys at Karen Ann Ulmer, P.C., can answer your questions and represent you in your divorce so you will have the best chance possible for a positive outcome. Contact us today to see how we can help.   

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Divorce and Life Insurance

Divorce will cause many changes in your life, but one thing never changes – no one lives forever. Life insurance is an essential financial tool to help those you leave behind. Whether you are married or not, life insurance is critical if you have minor children. 

Many potential life insurance issues may arise during a divorce. We can help you navigate them so you and your children can avoid legal and financial problems later on. 

Your Policy May Be a Marital Asset Subject to Equitable Division 

Whole and universal life policies have a cash value, so they are part of your net worth. It must be listed as a marital asset to be divided, and it may be cashed out and divided between you and your spouse. A term life policy does not have a present cash value, so it is not a marital asset and is not subject to division. But it can still come into play because, as part of the divorce order, you may need to maintain life insurance coverage to benefit your children. 

Changing the Beneficiary After Your Divorce 

Married couples typically name each other as life insurance beneficiaries to cushion the financial blow when one dies. Pennsylvania estate law automatically nullifies the ex-spouse’s beneficiary pre-divorce designation in a private life insurance policy.  

Your ex could still be the beneficiary if your settlement agreement or divorce order clearly provides they are to continue. If you and your ex are on good enough terms and you feel your ex is capable, part of an agreement can be that they will care for your minor children after your death.  

If that is the case, you could create a trust funded by your policy’s proceeds with your ex as the trustee and your children as the beneficiaries. If your ex is the policy’s beneficiary and you pass away without a trust, they could spend the money on themselves if they wish. 

You May Be Legally Obligated to Carry Life Insurance 

You may need to maintain life insurance if you will pay child and/or spousal support (or alimony) either as part of the agreement with your spouse or due to the divorce order. If you pass away unexpectedly, the benefits will replace the support you would have paid during your lifetime. 

Not everything goes as planned. A spouse required to have life insurance may stop paying premiums without you or the court being aware of the problem. This can be addressed by:  

  • Providing the insurance carrier with a copy of the divorce decree with instructions that the beneficiary is to be notified if the policy changes or if the premiums go unpaid 
  • Having the beneficiary own the policy and make payments 
  • Adding the premium amount to the child and/or spousal support with the beneficiary using this money to pay the premium 

Planning on unforeseen, potential problems like missed premiums and addressing them before they happen can be the ounce of prevention that is worth a pound of cure. 

If You Have Children and Are Getting Divorced, Life Insurance Makes Sense 

Whether your ex is a responsible parent or not, whether life insurance is part of the divorce decree or not, if you have young children, you should consider purchasing life insurance as part of estate planning. You may have created an estate plan with your spouse. If so, it needs to change. If not, you should make one for yourself. 

If your ex will be the single parent to your kids with your unexpected passing, fund a trust for them through insurance proceeds with your ex as the trustee. If the other parent is out of the picture or otherwise incapable, through your will you can nominate someone as your kids’ guardian (although a judge has the final say). That person could also be the trustee, and insurance proceeds would help fund your children’s expenses as they grow up. 

If you are thinking about getting divorced and all the financial issues (like life insurance) that come with it, contact us at Karen Ann Ulmer, P.C., so we can answer your questions and discuss how we can help you.  

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Should I Move During My Divorce?

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Not to sound like a lawyer, but that depends. If you feel unsafe or your spouse drives you crazy, you should move, but you should be aware of and prepare for the negative consequences. If you can still tolerate each other and be civil, you’re probably better off staying in the home, at least until you reach a divorce agreement. 

Moving out makes the most sense when: 

  • You’re earning an income that will pay for both homes’ expenses 
  • You don’t have kids or, if you do, you aren’t interested in having primary custody 
  • You (and your kids) must leave an abusive situation 
  • You’re not interested in owning the house when marital assets are divided 

Should you stay or should you go? You have to consider the issues: 

  1. Would Moving Impact a Custody Dispute? 

If you have kids, do you plan to move out with them, or will they stay with the other parent? Moving out of the home while your kids remain will likely impact your custody claim, so if that’s a priority, stay where you are. 

Unless you’re involved in an abusive relationship, it’s usually in a child’s best interests to stay in the family home during a divorce because it should minimize the potential disruptions to children’s lives.  

  1. How Would Moving Affect Your Finances in the Short and Long Term? 

Moving means two households and possibly twice as many expenses. Leaving your marital home doesn’t mean you no longer need to worry about its bills. If you share the title and a mortgage to a house, you must keep up the payments. You’ll have your new expenses, plus your old ones. Can you swing that? 

Your house may be the most valuable asset the two of you own. Though it’s no guarantee, when it’s time to decide who will get the house, the spouse living in or maintaining it can have a stronger claim than the one who moved out or who isn’t helping to maintain it.  

If you want the house when marital property is divided, remaining in it may help protect your interests. Leaving is not a big deal if you don’t want the house and would rather have your share of it paid to you in cash or some other asset. 

  1. Might Remaining at Home Push the Divorce Process Along? 

Emotionally, moving out can be a mixed bag. In the short term, the two of you are physically away from a source of stress which should improve your peace of mind. This reduced stress takes some pressure off and makes finalizing the divorce less urgent. Therefore negotiations may drag out longer. If you share the same household, the two of you may be more motivated to get the divorce over and done with. 

Don’t Make a Move Without Talking to Us 

Moving out of your marital home may have far more consequences than you realize. You may see living on your own as a major goal that shouldn’t wait for a finalized divorce. Depending on your circumstances, you may be able to achieve that with minimal impact on your interests. It may also be a significant financial stretch that can impact your ability to get custody of your kids and your house as part of the division of assets. 

Should you move during your divorce? Like all other issues, that depends on your goals, situation, and the law’s impact. If you’re thinking about getting divorced and how that’ll impact where you’ll live, contact us here at Karen Ann Ulmer, P.C., so we can answer your questions and discuss how we can help you.  

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