On Jan. 1, 2019, alimony payments began to receive the same tax treatment as child support payments. This means that the person making the payments doesn't get a tax break and the recipient doesn't have to count payments as income. The rule applied to any divorce settlements finalized in Pennsylvania on or after that date. For those who weren't able to take advantage of the old alimony rules, there are still ways to structure a favorable divorce settlement.
When business owners in Pennsylvania consider divorce, they may be particularly concerned about how the end of their marriage will affect the future of their business. After all, the economic effects of a divorce can last long after the emotional and practical concerns are resolved. This can be particularly true for entrepreneurs in smaller family businesses when the company itself is part of shared marital property and produces a significant amount of the couple's joint income. However, there are some things that business owners can keep in mind to help them emerge from the divorce process.