How Bucks County, PA Divorces Cases and Divorce Settlements May Be Impacted in the Yellow Phase

By a Bucks County Divorce Lawyer

As different aspects of daily life slowly revert to normalcy, there still remain significant uncertainties.  These economic, political, and related circumstances may directly impact your divorce matter.  With record unemployment, bankruptcies, and layoffs, divorce settlement agreements and court orders are likely to be impacted.

Marital Property and Asset Distribution in Bucks County, PA Divorces

When fashioning an equitable distribution order, the court must consider a variety of factors, including the respective incomes of the parties and their employability.  Additionally, the future earning potential of either party is also considered.  Not only are child support, spousal support, and alimony impacted, but the overall distribution of marital assets may also deviate from what may have been previously expected.  Employees in senior positions may be subject to early retirement offers, and failing to accept these sometimes results in less favorable termination circumstances shortly thereafter.  Accepting or rejecting severance offers can often have significant implications on a divorce.  Such issues require a careful analysis before a final decision should be made.  Even if the choice seems obvious, you should first discuss the possibilities with an experienced divorce attorney.

Reaching a Divorce Settlement During COVID-19 Pandemic in Pennsylvania

Pursuant to the CARES Act, which was signed into law in response to the COVID-19 pandemic, you may have additional options to help you reach a divorce settlement that may have previously been unfeasible.  A common problem encountered in divorce negotiations is the lack of asset liquidity.  Specifically, both parties often have a need for cash, but many times assets are held in retirement accounts which are typically subject to early withdraw penalties.  Under the CARES Act, your IRA or 401(k) may not be subject to the typical early withdrawal penalties, thereby providing another source of liquidity that may prove beneficial for your own use during the divorce, or for carefully structured settlements.  With the advice of a Certified Divorce Financial Analyst and a tax professional, all of these options should be explored to maximize the potential outcome of your divorce.