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Category Archives: Divorce
If an interest in a small business or closely held business arises during the marriage, divorce will typically involve the distribution of the business to one spouse; a buy-out of the other’s interest is often necessary, as divorcing spouses cannot be expected to work together. However, where spouses will have little contact, the court may […]
Marital Property is a property interest acquired between the date of marriage and final separation of husband and wife. Property is marital regardless of whether it is held in joint or individual names if acquired during this time period, unless it was acquired in exchange for pre-marital, gift or inherited property (non-marital or separate property). […]
Spousal support, alimony pendente lite (support during the pendency of the divorce) and alimony payments are treated as taxable income to the payee and deductible to the payor for tax purposes. However, child support payments are neither taxable income to the payee, nor tax deductible to the payor. Court orders that include spousal support or […]
During high net worth divorces when well-compensated spouses divorce, one issue that may arise is how to deal with stock options held by a spouse as part of his or her benefit package. In Pennsylvania, such stock options are considered a form of deferred compensation designed to induce the employee/spouse to remain loyal to the […]
Pennsylvania Divorce Code: waiting period reduced to one year. The Pennsylvania General Assembly has passed a bill reducing the separation period for no-fault divorces from two years to one year. Under Section 3301(d) of the Divorce Code, when grounds of irretrievable breakdown of the marriage are established, the court may enter a divorce decree after […]
High Net Worth Individuals – Brad Pitt and Angelina Jolie – Enter Divorce As would be expected, much of the nation engaged in a feeding frenzy of gossip when it was recently announced that Brad Pitt and Angelina Jolie would be going, to the extent such is possible where children are involved, their separate ways. […]
In Pennsylvania, child support terminates when a child reaches the age of eighteen (18) and graduates from high school. In Pennsylvania, a parent does not have to pay college expenses for a child who is over 18 unless this has been agreed upon as part of a divorce case. For a family that separates prior […]
When spouses separate, the support of their children is considered a “priority obligation” under the law; if necessary, parents are expected to adjust their other expenditures in order to meet a child support obligation. As a parent, you will want to ensure that the amount of child support paid meets the needs of your children […]
In Pennsylvania, the best interest of the child is the overriding consideration in child custody decisions. What courts consider to be the best interest is influenced by numerous legal factors and how a judge interprets those factors. The formal legal process begins when a parent files a custody complaint. A custody action has to be […]
Issues facing high net worth individuals entering a divorce are often much different from the issues faced by lower/middle income individuals. As such, they must be planned for and approached in a manner befitting the unique issues that need to be addressed. There are simply more financial resources to fund, support and to share. Substantial […]