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Daylight Tax Savings - Don’t Get Caught Sleeping
As we head into another Autumn season and prepare to turn back our clocks, many folks are in the final stages of their divorce and are preparing to "spring forward" into their new post-divorce life. With all the distractions and mixed emotions that can be felt during this time, divorcing couples can easily overlook the possibility that they may not receive a divorce decree by year's end, due to seasonal court holiday backlog and other delays. Although couples may have included tax terms in their divorce agreement addressing their divorced status, they have nothing in place that addresses the tax consequences of still being married by year's end. This could result in thousands of dollars of lost tax savings and end up in an unforeseen dispute between divorcing spouses at the most inopportune of times. Being attuned to this situation early on can save you a bundle of money, and at a time when you most need it. Otherwise, it could be the costliest nap you ever took.
Pennsylvania grants a no-fault divorce when both spouses agree to divorce and file an affidavit that the marriage is irretrievably broken. The court may grant a divorce 90 days after filing. If one spouse files an affidavit that the couple has lived apart for at least two years and that the marriage is irretrievably broken, the court may grant a divorce based on those circumstances.
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