Blog: Divorce
- Financial considerations in divorce
Nov 5, 2019
Divorce is one of the most stressful events that a person can go through in life, and it is becoming more common for people over the age of 50. When people in Pennsylvania get divorced later in life, they are more likely to have financial investments that need to be divided and accounted for before, during and after the process is complete. Among the tasks that should be accomplished are updating beneficiaries, gaining access to...Read More - Looking at the whole picture before getting a strategic divorce
Oct 23, 2019
Most people are interested in ways that they can save money, but not everyone is interested in putting their marriage on the line to do so. However, the so-called ‘marriage penalty” has some high-earning Pennsylvania couples talking about using a strategic divorce in order to save money on their taxes. The Tax Cuts and Jobs Act subjects high-earning couples to a higher tax liability when they file taxes jointly. Despite the fact that strategic divorce...Read More - Factors in buying the marital home from the spouse after divorce
Oct 11, 2019
Pennsylvanians who are getting a divorce will need to consider many factors. In particular, property division can be significantly complex. One issue that is rife for dispute is splitting the marital home. If the parties are agreeable to a negotiation, a buyout is a viable strategy to avoid a long-term battle over ownership. When thinking about a buyout, calculating how to go about it is essential. Home value might be the first thing people think...Read More - Preparing for post-divorce finances
Sep 24, 2019
The financial aftermath of divorce sometimes leaves people in Pennsylvania struggling to pay bills. Even people with relatively high salaries often go through an adjustment period when shifting from a two-income to a single-income household. A divorce might add new expenses, like spousal or child support, as well. Regardless of their income level, many people have to overhaul their budgets after a divorce. A proactive approach helps to mitigate these financial challenges. Post-divorce budgets should...Read More - Indications that a soon-to-be ex-spouse is hiding money
Aug 30, 2019
Pennsylvania residents may be familiar with the gender stereotype of a greedy husband hiding away money to prevent his soon-to-be ex-wife from getting her hands on any of it. This outdated assumption is inaccurate and can be potentially disastrous for husbands going through the divorce process who are interested in a fair divorce settlement. Hiding marital assets from a spouse is illegal, but it is also a reality. It is common for both men and...Read More - The health concerns for those going through a gray divorce
Aug 13, 2019
Many Pennsylvania couples are finding that getting divorced after 50 can be extremely tough when it comes to their health. While health professionals are finding that divorce can lead to some adverse health issues, it can be particularly harder for those over the age of 50, who may already have underlying or existing medical problems. For example, those who go through a gray divorce, or a divorce that occurs when a couple is elderly, can...Read More - Protecting a business with a prenuptial agreement
Aug 1, 2019
In the past, asking a significant other to sign a prenuptial agreement in Pennsylvania was often looked down upon. However, as more and more people are waiting to get married, the stigma surrounding prenuptial agreements has begun to dissipate. This is particularly true for people who started businesses before tying the knot. A prenuptial agreement outlines the assets that a person had prior to the marriage. When it comes to businesses, there are a few...Read More - Debt can put pressure on a marriage
May 21, 2019
Married couples in Pennsylvania who have student loan debt may at a higher risk of getting divorced. The average student loan balance has increased 62% over the past decade to $34,000. Furthermore, the number of people who owe more than $50,000 in student loan debts has also increased significantly. Those who took out loans to go to school will ideally disclose how much they owe prior to getting married. This can make it possible to...Read More - Expert witnesses helpful in Pennsylvania divorces
Mar 27, 2019
Many Pennsylvania spouses who are going through a divorce are anxious about the process and have no idea what to expect. It’s important to remember that each divorcing couple’s circumstances are different. Small details can mean the difference between a smooth, amicable separation and a lengthy, contentious battle. Generally, the most complicated divorces involve couples who have a high-net worth, own a business or have fundamental disagreements regarding custody of the children. Child custody disputes...Read More - Planning for taxes after divorce
Mar 11, 2019
Pennsylvania parents who decide to divorce may consider many factors relating to how the end of the marriage might affect the parent-child relationship. From child custody and visitation to negotiating an amicable co-parenting framework, divorcing parents do a great deal of work to prepare for their future. One issue that people may not consider immediately is how the divorce might change their tax filings. Of course, people who divorce must now file their taxes as...Read More