When people in Pennsylvania decide to divorce, they may struggle with the complicated emotional, legal and financial aspects of the end of a marriage. While divorce rates have declined from around half of all marriages to around 39%, separating can be financially devastating, especially for couples who have amassed significant assets. It is important for both parties to understand the family finances comprehensively in order to make sure that they are receiving a fair settlement in the property division process. There are specialized financial advisers who can work along with a divorce attorney to examine financial records and make recommendations.
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.
The rules that apply to child support in divorce cases are relatively fluid. There is no one-size-fits-all solution. Parents in Pennsylvania who are going through a divorce and have children may want to learn about some of the considerations that are made in most child support cases.
Generally, it is not possible to directly modify a prenuptial agreement, or PNA, during a divorce. However, it may be possible to change certain agreed-upon instruments with the aid of a legal document called a postnuptial agreement. By securing the representation of a Pennsylvania attorney who has knowledge of family law, a person may gain a better chance of resolving problems stemming from onerous or unfair PNAs.
For people in Pennsylvania, the explosion in popularity of DNA testing has led to increasingly common scientific validation of paternity and other familial relationships. The precision and growing affordability of DNA tests has made paternity tests more common, and they are frequently used in the courtroom when addressing child support and custody issues. This is especially true when the parents are unmarried, or there is a dispute about parentage In some cases, DNA tests are even required to make a firm legal order of paternity.
For many, this time of year involves buying gifts and other kinds of holiday spending. Such spending can have the potential to be a point of contention within a married couple. Recent surveys suggest that many individuals here in the U.S. aren’t very forthright with their spouse when it comes to such spending.
Planning for the future often requires people to anticipate many possible outcomes, both good and bad. While individuals are often apt to plan for lost income or potential future medical expenses, many still resist planning for the possibility that a marriage might not last a lifetime. A thoroughly negotiated prenuptial agreement allows couples to plan for a possible divorce even if that event never occurs.
Through the years, it has been the common belief that prenuptial agreements are for wealthy, prestigious individuals that have immense wealth or assets. While a prenuptial agreement can be incredibly beneficial for those in that situation, there are also many benefits for those who may be coming into a marriage with very little. Anyone considering getting married in Pennsylvania may want to discuss creating one of these agreements.
Marriage does not solely bring together two parties emotionally but also financially. While it can be challenging for some to look at marriage as a business relationship, there are aspects that do resemble that of a business arrangement. Individuals looking to get married in Pennsylvania may want to consider creating a prenuptial agreement that addresses these aspects.