Jump to Navigation

Philadelphia Divorce Law Blog

Divorce mediation and financial planning for Pennsylvania couples

The prospect of ending a marriage is undoubtedly an emotional one. Many Pennsylvania couples could attest to the fact that going through a divorce can consume a couple's entire existence. For this and other reasons, some couples fail to plan for the day-to-day financial issues they will face after the divorce. The process of divorce mediation may help couples do both.

Couples that are able to work together through their divorce may find they have an easier time splitting the assets and making decisions than other couples. Spending the time to review the family's finances and make decisions regarding what assets go to who can give each party a glimpse into his or her post-divorce finances. Once each party is aware of what they are going to have in the way of income after the divorce, each party can make a plan.

Pennsylvania child custody: Making the most of co-parenting

For Pennsylvania couples that are getting divorced and have children, the central issues of their divorce will most likely end up surrounding those children. Child custody issues will deal with parenting time, holidays, school events, and the like. Decisions made during settlement negotiations will end up guiding those activities after the divorce is final.

Most parents in Pennsylvania want to do what is best for their children. Those that are able to put aside the differences in their marriage and focus on their roles as parents may have a good chance of achieving that goal. There are several issues regarding co-parenting that couples may want to address in their custody agreement in order to avoid unnecessary confrontation later.

Pennsylvania child custody: Supreme Court unsure of what to do?

Pennsylvania readers may be aware that the U.S. Supreme Court recently heard arguments regarding the case of an American Indian girl that was adopted by a non-Indian family. The outcome of this child custody case could affect how states apply the Indian Child Welfare Act (ICWA) in adoption proceedings and child custody disputes. People who heard the arguments before the Court reported that the Justices seem understandably "conflicted" about how to rule.

The biological father of the little girl in question is an American Indian. According to him, when he found out that his daughter had been adopted without his consent, he relied on the ICWA to give him the chance to be a father. According to court documents filed by the adoptive parents, the man had at some point said that he would give up his parental rights; and that he had nothing to do with the girl's mother or the child before the adoption.

Pennsylvania prenuptial agreements: Make sure it's valid

Many people in Pennsylvania are getting married later in life after they have already acquired assets or have careers. Many of these couples are now turning to prenuptial agreements to protect their assets in case of a divorce or even set out "rules" for their marriage. The impression used to be that prenups couldn't be breached, but that's not entirely true.

There are ways to help ensure that a prenuptial agreement will be upheld by a court in the event of a divorce. The first thing that couples need to be sure of it that they are honest and forthright with their partner about their assets. If it is determined that a party entered into the agreement fraudulently, it may be invalidated.

Pennsylvania estate planning may include prenuptial agreements

Many Pennsylvania couples are marrying for the second time. This may be part of the reason that prenuptial agreements are gaining popularity. Not only are they a guideline for what happens in the event of a divorce, but also as a blueprint for the marriage itself.

Couples may add provisions to their prenuptial agreements regarding giving money to adult children, how much debt the couple is willing to take on and even specify how much can be spent on a child's wedding or an elderly parent's care. Provisions regarding financial penalties for infidelity or changes to one party's physical appearance also seem to be gaining popularity. Nearly any provision can be added to a prenuptial agreement; however, some may be considered questionable and not enforceable.

Pennsylvania high-asset divorce: Things to consider for tax time

Any Pennsylvania couple that has been divorced can attest to the fact that there are a plethora of issues to be dealt with. It's easy to bypass an issue like federal income taxes when there are so many other issues that require more immediate attention. However, in a high-asset divorce, the subject of federal income taxes needs to make the list and may even determine when a divorce is finalized.

According to the IRS, if a couple is married as of Dec. 31, then they must file either married filing jointly or married filing separately. However, if the couple is divorced as of Dec. 31, each party must file as either head of household or single. For many Pennsylvania couples, this could make the date the divorce if finalized one of the most important decisions that will be made.

Pennsylvania divorce: the financial impact of divorce

There are probably many couples in Pennsylvania who can attest to the fact that ending a marriage may be one of the more emotional things they will ever do in their lifetime. When a couple does decide to divorce, thoughts about the future are usually limited to getting through the divorce process , visitation schedules and who gets what assets. However, there are other considerations that couples may want to make sure they at least consider when negotiating the divorce settlement.

Unless the divorce takes place during tax season, tax considerations are often one of the last things people think about in the midst of a divorce. Nevertheless, a couple's tax status has the potential to change dramatically after divorce. For instance, the simple change of filing single instead of married can end up costing more in taxes.

Pennsylvania prenuptial agreements: court agreed to "tear up" prenup

More and more couples around the country, including many in Pennsylvania, are turning to premarital agreements to protect themselves against the possibility of divorce. With the divorce rate reaching upward of 50 percent, it only makes sense to be prepared. For many people, prenuptial agreements represent an unbreakable contract outlining who gets what in case of divorce. However, prenuptial agreements can be voided under certain circumstances.

For instance, one woman signed a prenuptial agreement just days before marrying her spouse. When they sat down to sign the agreement, her then husband-to-be promised that the agreement would be torn up once they had children. The woman signed the agreement based, at least in part, on this promise.

Pennsylvania couples can continue business ownership after divorce

Statistics show that approximately 65 percent of all businesses are owned by family, and 30 percent of those family businesses are run by spouses. Odds are that there are a good percentage of couples in Pennsylvania who are in business together. Should the couple get divorced, there is no reason why business ownership has to change.

There are many couples around the country and in Pennsylvania that have come to realize that they are better at being business partners than they are at being married. For a couple that is able to continue working together, divorce shouldn't keep that relationship from continuing. It may be awkward at first, but doesn't have to stay that way.

Social Security and marital property in Pennsylvania divorce

Statistics show that a greater number of retirement age couples are getting divorced. The issues that face older couples are slightly different than those of younger couples who may still have children at home and may not have acquired the assets that some older couples have accumulated. Older couples in Pennsylvania that are getting divorced may also need to discuss Social Security benefits when dividing their marital property.

Ex-spouses may be eligible to receive up to one-half of their ex-spouse's Social Security benefits, though there are four basic criteria that must first be met by the spouse seeking the benefits. He or she must have reached the age of 62, and the couple must have been married at least 10 years. Additionally, the spouse seeking the benefits must not be married, and the ex-spouse must be eligible for benefits. There are some limited exceptions to the latter two requirements.

Subscribe to This Blog's Feed Contact Us Send a Message

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

FindLaw Network
AVVO Rating 10.0 Superb | Experience | Industry Recognition | Professional ConductAVVO Rating 8.0 Excellent | Experience | Industry Recognition | Professional Conduct

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.