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.
Nearly all spouses keep some kind of financial secrets from their partners. This deception may be something small like a splurge at the mall or something embarrassing like credit card debt. In some cases, however, a spouse may hide income, assets or spending habits that may affect the welfare of the family or the level of trust the couple shares.
After your first marriage ended, you may have resolved to make the next one work. You learned from your mistakes, and you were confident you would not repeat them. Like many who remarry, you may have hoped you found the perfect partner this time. The first divorce probably made you painfully aware of every flaw in your spouse, and you thought your new partner might be different.
You fill out the paperwork, sign your names and start your new life. Few divorces are that easy. In fact, the more shortcuts a person tries to take, the more likely the process will drag on.
So, it's that time of year again. The holiday season is upon you and you are anticipating festive times with family, co-workers and friends. Only one thing about this particular year is different than all others past: You're now divorced, and your kids are having a tough time.
The day you were married, it wasn't likely you spent the hours envisioning yourself standing in a divorce court in Pennsylvania. Fast forward time to the current issues you now face.
Getting married often means joining far more than just surnames. Property, bank accounts, debts and other important financial assets usually become intertwined in extremely intimate ways, and legally untangling them is not always easy. Couples in Pennsylvania might be hesitant to end their marriages because of the possible financial implications of divorce, but most people can successfully divorce while maintaining their own financial stability.
Most couples go into marriage thinking of it as an expression of love. Marriage is also an enormous legal and financial commitment. This is typically never as self-evident as during divorce, when Pennsylvania couples must untangle assets and finances that have been combined over the years.
Financial strain is commonly blamed for unsuccessful marriages, but is the data really there to back up that claim? One researcher suspected that there was likely more to it than that and set out to understand the sociological influences for the average divorce. The findings might not fall in line with what some Pennsylvania couples believe to be true.