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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 […]
Whether you are considering a divorce or are already in the middle of a divorce, you will have to understand as much as you can about alimony payments after you are divorced, as well as spousal support while your divorce is pending. Calculating Spousal Support The determination of spousal support is made by taking the […]
While divorce among most demographic groups across the country seems to have tapered off or even declined in recent years, the same cannot be said for one population, namely, persons over 50. In fact, a study from last year indicates that about 25 percent of all divorcing couples in the country are from the baby- […]
In most instances, and for obvious reasons, divorce in Pennsylvania or anywhere else is a weighty matter. That is really not surprising, given the number of considerations that can arise when a couple seeks to legally dissolve a marital union. Although every divorce brings its own set of circumstances that need to be considered and […]
“Having a really good attorney and fighting for your fair share” is critically important to an equitable property division outcome in many so-called “gray” divorces in Pennsylvania and nationally, says an executive with a national family research organization. It’s not hard to see why. Gray divorce — another description for marital dissolution among comparatively older […]
Do spouses who are separated, but not divorced, have to worry about losing their beneficiary status under life insurance policies or pension plans of the other spouse? Generally, the named beneficiary under life insurance or annuity contracts can be changed by direction of the owner of the policy without notice to the beneficiary. Most all […]
A major component of the resolution of a divorce is the payment of alimony. The determination is complicated, and is dependent on 17 factors specifically set forth in the Pennsylvania Divorce Code. These factors include: 1) the relative earnings and earning capacities of the parties (that is, the actual earning capability of each party at […]