If you are facing a complex, high-net-worth divorce, you may feel overwhelmed by questions, such as how this will affect your children, how all the court will divide the assets, what you can expect in terms of alimony and much more.
Tax code changes could have major impact on alimony
Some Pennsylvania residents who had been considering divorce may speed up their plans to end their marriage after changes to the U.S. tax code were signed into law by President Donald Trump in December 2017. The changes, scheduled to go into effect at the beginning of 2019, could make it more expensive to pay alimony. Every year, around 800,000 Americans finalize their divorces, but in 2018, that number could see an increase as people act quickly to tax the changes into account.
Creating a parenting plan when parents cannot work together
Going through a divorce can be emotionally difficult, especially if the former couple can no longer work together and their are kids involved. However, most Pennsylvania couples still understand the importance of coming up with a working parenting plan that is in the best interests of the children. When they have trouble negotiating an agreement on their own, there are steps they can take to make this task easier on everyone involved.
Potential issues in dividing an art collection
Some couples in Pennsylvania that are going through a divorce may face some complexities around property division, such as the division of an art collection. Even if a couple has a prenuptial agreement in place, it may not specifically address the art, or it could be declared invalid.
GPS tracking, spyware an issue in some divorce cases
Some people in Pennsylvania who are getting a divorce might experience stalking from an ex. When the Department of Justice did a study in 2012 of stalking, it found that around 1.5 percent of adults had experienced it. However, 3.3 percent of people who had been divorced or separated had also been stalked.
Protecting credit while going through divorce
Divorce can present an array of challenges and concerns for people in Pennsylvania whose marriages are coming to an end. The personal and emotional effects of divorce can be quite daunting before approaching the financial aspects. Because a divorce legally severs the marital partnership, it can affect an array of financial accounts and records. One concern is often how divorcing individuals can preserve their valuable high credit scores when going through a divorce.
Key facts about the Pennsylvania inheritance tax
Many people want to take care of their loved ones, even after they are long gone. A proper estate plan can help in those efforts.
