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Child custody is one of the most unpleasant events for everyone involved, including Mom, Dad, children and even grand parents. Emotions run very high in a custody case and often times, logic and what is in the best interest of the child are secondary to those emotions.
Many people believe that they have nothing to leave loved ones when they die or else don’t believe that estate planning is important. The downside to that thinking is that more complications and headaches can arise for your relatives and loved ones if you do not have an estate plan in place.
The new tax code as it pertains to alimony takes affect January 1, 2019. The new law applies to any divorce instruments finalized after 2018.
According to prominent Pennsylvania estate planning attorney, Philip Levin, no matter the size of your estate, it is always worth planning for, and especially when emerging from a separation or divorce when your assets and standard of living can often times decrease.
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 years end, due to seasonal court holiday backlog and other delay.
As summer winds down, and the holidays approach, you may start to notice changes in the weather. Preparing for change in advance by adjusting your wardrobe is always prudent. You may be noticing changes with your finances as well. A new independent path can be exciting, but finances can be dramatically impacted.
There is a growing trend in divorce cases involving business owners to hire a business appraiser jointly. Before discussing why you should do this, lets look at what happens if you don’t. Each spouse hires a business appraiser separately.
Many emotional issues need to be worked through when a couple begins the divorce process. That becomes so draining that, when they are finally ready to evaluate the financial repercussions of their settlement offers, they tend to rush through this process because they want it "over with".
So many times people get caught up in simply determining what percentage of assets that they should receive in the divorce process. They become so focused on that number that they lose sight of the overall financial picture and their true financial needs. Do not make that mistake.
You have worked hard to deal with the grief issues associated with divorce. You and your ex spouse have agreed upon a financial settlement. And, the divorce is complete. What do you do next? It is now the first day of the rest of your life!
A flow chart for support purposes.
he Taxpayer Relief Act of 1997 has provided significant changes to the income tax map for individuals and businesses.
The Taxpayer Relief Act of 1997 has provided significant changes to the income tax map for individuals and businesses.
If spouses cannot fairly divide the marital property, the court will divide it as fairly as possible. Marital fault is not a consideration in property division. In Pennsylvania, property acquired during the marriage is jointly owned regardless of title. The court considers the duration of the marriage, individual assets and potential for bringing in money, how much each contributed to the marital property, including homemaking, and who will have physical custody of the children.
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