When a marriage in Pennsylvania begins to hit rocky waters, financial secrets can begin to grow. Some of these hidden finances can be especially troubling during a divorce, where they may originate as an attempt to deny a spouse his or her fair share of marital property. While many people are able to end their marriages without recriminations or schemes, it is important for individuals going through a more high-conflict divorce to be aware of red flags that could point to hidden funds or other financial secrets.
Pennsylvania residents who are married for the first time have a roughly 50/50 chance that it will last forever. The odds of success are lower for second and subsequent marriages. However, there may be compelling financial reasons to avoid a divorce if possible. For instance, married couples who own a home will need to figure out what to do with it. While a person could keep the home, it can be hard to maintain it on one income.
Starting at the beginning of 2019, couples filing for divorce in Pennsylvania and throughout the rest of the United States will have to do so with tax rule changes in mind, particularly if spousal support will be involved. This is happening because the Tax Cuts and Jobs Act (TCJA) changes how alimony is handled for tax purposes. Under the new law, alimony will not be tax-deductible for the payor, and the recipient won't be required to report it as taxable income.
As a child, the adults in your life may have taught you to always to see the best in others. Also, your parents or grandparents, even teachers may have also advised you to keep your suspicions in check and never to assume that someone is up to no good, especially if you don't have evidence to suggest it. At the same time, those who love you may have also instilled confidence and taught you to protect your rights and be proactive against injustice.