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Planning for divorce can be sound financial advice

For people in Westmoreland County who are considering their future financial planning, the potential of divorce may be something to keep in mind. While couples about to be married may not want to consider the potential consequences of divorce, the end of a marriage can carry serious financial consequences along with the emotional and practical fallout. This means that divorce planning can be an important step in financial preparation for anyone, particularly those with individual assets of concern.

Divorcing over age 50 carries financial concerns

The rate of divorce for people over 50 in Pennsylvania and across the United States has more than doubled in the past 25 years, and this trend is continuing in its upward direction. While divorce at any stage of life can be accompanied by a wide range of emotional, practical and financial considerations, spouses separating near retirement age can face some unique challenges.

Prenuptial agreements can help support a strong marriage

For some Pennsylvania couples planning on getting married, the concept of a prenuptial agreement can evoke fear, anxiety or even anger. However, planning for a prenuptial agreement can actually help to strengthen a relationship as people enter a new stage in life. When a partner with a higher level of assets or a stake in a family property insists on a prenup, it doesn't always mean that they are planning for a divorce.

Marriage myths damage relationships

As soon as some couples get engaged in Pennsylvania, well-meaning friends will offer suggestions and advice on how relationships change after marriage. Much of the advice is even considered common knowledge. However, some of this so-called common knowledge is wrong.

Tax considerations for divorcing couples

Divorcing couples in Pennsylvania and around the country are often primarily concerned about matters such as property division, child custody and spousal support, but they may be wise to also consider the tax ramifications of ending a marriage. The implications of decisions made during divorce negotiations can persist long into the future. One of the most important of these decisions is choosing whether to sell or divide jointly owned assets.

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.

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.

Parental alienation can cut parent-child bonds

Divorce can often be difficult for children and parents in Pennsylvania. Dealing with questions of child custody, support and parenting plans can be some of the more challenging and emotional issues that come with the end of a marriage. While it is best if divorcing parents can put their personal issues aside, this does not always happen. Combative divorces can lead to one parent pressuring children to take sides in a harmful way.

How to deal with a divorce in December

When parents in Pennsylvania divorce during the holiday season, it can color the family's perception of this time of year indefinitely. For a child, it may be stressful spending time with multiple families because of an arrangement that their parents made. However, embracing family could help some to regain their holiday cheer.

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