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Category Archives: Business
If you own a business and you are heading into a divorce, you are most likely wondering how you and your business will be affected by the divorce. Outcomes of divorces that include joint business ownership vary based on several components. Considerations and results will be unique to the situation. This is not a one […]
While marriage can be rewarding, it is something that often needs a lot of work and can have its own set of challenges. Similarly, while a family business can be successful, it does not always go smoothly and can take a lot of work from all parties involved. When you combine both a marriage and […]
Going through a divorce can be complicated, emotional, and stressful. Not only are you separating from your spouse, but you are determining many critical aspects of your future. Will there be an award of alimony? How will the assets, including a family business, be valued? How will the ownership of the family business be decided? […]
One of the biggest issues divorcing couples face is the division of assets, which is done in a process called Equitable Distribution. When a family business is involved, dividing assets can be even more complicated. If both you and your ex are involved in a family business, how do you determine what share each person […]
If you’re in a situation where you’re paying or receiving alimony, there are a few rules to consider when filing your taxes. Unless agreed upon otherwise in your settlement, spousal support, alimony pendente lite (support during the pendency of the divorce) and alimony payments received during the year are treated as taxable income while payments made during the year are treated as tax deductible. There are other factors to consider when filing your taxes if alimony is involved, and below are a few questions and answers to help.
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 […]
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 […]
Almost unequivocally, divorcing parties are required to disclose the nature and extent of their finances, including income, cash flow, and assets. Where a divorcing spouse owns a significant interest in a closely-held business, that party must disclose the full economic contours of the business upon request from the other party. The court will enforce such […]
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 […]
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 […]