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Service businesses present a unique challenge when trying to value the business for equitable distribution and determine income for spousal and child support.
The Pennsylvania Department of Revenue has proposed several important amendments to the regulations that implement the state’s Realty Transfer Tax, suggesting that changes will enhance their clarity and effectiveness. The proposed changes, which were open to public comment through the end 2010 and are eligible for administrative approval after the first quarter of 2011, have significant implications for divorcing spouses in Pennsylvania.
A very important issue that arises in almost all divorces in Pennsylvania as well as other states is the division of marital assets. Especially in a marriage where one spouse was the primary bread winner and who supplied most of the assets to the marriage, the issue of dividing the marital property can be very sensitive and difficult to accept.
Divorce lawyers in Pennsylvania often deal with the issue of hidden assets. Many clients believe that their spouse has been hiding assets from them. So, what is a lawyer to do?
A business owner who is married or considering marriage, should know how his or her business may be affected in the event of divorce.
Upon divorce, however, unless the parties have a written agreement providing for the division of the property, the court has the power to divide the property based on equitable principles. This means that the court will take many factors into account when arriving at a fair decision, although that does not always mean that the property will be divided equally.
Pennsylvania recognizes common law marriages (if united before January 1, 2005).
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