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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.
A couple can come to their own agreement about property settlement, which the court will generally accept. The Pennsylvania court will decide if either spouse is entitled to alimony, based on age, physical and mental condition, earning potential, duration of the marriage and standard of living. The court decides the duration of alimony, but support ends automatically if the one receiving it remarries or cohabits.
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