One of the biggest challenges of any divorce is the division of assets. This stressful process can become even more complex when one or both parties have high net worth and significant assets. If you are involved in a high-end divorce, you will need an experienced Pennsylvania divorce attorney with an exceptional understanding of tax and finance law to protect your assets and best interests.
Even the most amicable of separations can become antagonistic when property and high-value assets are involved. It is common for arguments to occur when discussing the division of real estate, bonuses, pension plans, item investments, family businesses, and inheritance. To reduce stress levels and to ensure that your assets are protected, an attorney will provide the following services: Read the rest »
If you are considering a divorce, then you are already keenly aware of the emotional stakes. But a divorce is also a financial arrangement – and this is never truer than when the spouses seek to divide a high-asset estate between them. By working with an experienced Pennsylvania divorce attorney who understands high-asset divorce issues, you can protect your financial health as well as your legal rights.
One place to start is to work with your attorney to create a specific, proactive plan for dealing with your divorce. A lack of planning puts you on the defensive, in a “reactive” stance automatically, setting you at a disadvantage and often resulting in unnecessary delays. Read the rest »
Under current Pennsylvania law, a woman who has a child from rape can ask a judge to end the rapist father’s parental rights. This means that the father who committed the rape will not have custody or visitation rights. However, women who end the rapist father’s parent rights also surrender their ability to collect child support from the father. According to a news report in The Express-Times, a new bill has been proposed to allow a mother to end parental rights while still collecting support.
Democratic State Representative Mike Schlossberg proposed the bill that would close this loophole. It was vetted by the House Judiciary Committee last year and has recently been folded into another bill that is currently in the House. It is now part of the larger legislation regarding the termination of parental rights for sexual offenders. Read the rest »
High-asset divorces pose questions that ordinary divorce cases do not. While partners in a low- or middle-income family typically wonder how to support two separate households, partners in a high-asset divorce are primarily concerned with ensuring that their respective shares of their assets are distributed equitably, in a way that allows both the adults and children to maintain their standard of living.
Choosing an experienced Pennsylvania high-asset divorce attorney should be your first consideration when dissolving a marriage and wondering how to protect your assets. Other steps to take include: Read the rest »
Zoe McLellan, star of the brand new show “NCIS: New Orleans” is in the midst of a difficult divorce from her husband. According to a TMZ news report, her husband, actor J.P. Gillain, is seeking joint custody. The actress allegedly believes that her husband is only seeking custody as a ploy to get child support now that she is successful. The court documents reveal that she will earn $45,000 per episode. A representative for the actress states that her husband has “never been a hands-on dad.”
In Pennsylvania, the most important consideration in every custody battle is the best interest of the child. The court must consider a number of factors when evaluating what is best for the child intellectually, morally, and physically. Some of the important considerations include: Read the rest »
When filing for taxes, you must inform the Internal Revenue Service (IRS) of the amount of money you paid or received in alimony. According to a news report in The Associated Press, there was about $10 billion in reported alimony payments made in 2010, but only $8 billion reported received by spouses. In fact, there was a $2.3 billion gap between what people said they paid and what people reported receiving. The IRS reports that there were discrepancies in 47 percent of the claims that included alimony deduction. Some spouses claimed to not have received any alimony while others reported far less than they actually received.
It is unclear how the IRS will respond to these findings. It is possible that they will conduct additional investigations to ensure that people are not lying on their tax returns. The report does not render judgment regarding which side is responsible for the discrepancies and the Treasury Inspector General for Tax Administration (TIGTA) reports that there is no system in place to address improper alimony claims. Read the rest »
Most divorces are stressful and expensive. Getting a divorce in Pennsylvania is particularly challenging when the two parties disagree on important issues such as child custody and property disbursement. A lot of time and money can be saved when the two parties are able to come together and make decisions without involving the divorce court. This is known as a collaborative divorce and it is an ideal approach to avoid a judge making some major decisions for you and your family. Read the rest »
Your divorce may be one of the most emotionally difficult periods of your life. But it is also important to remember that divorce is, in a sense, a business transaction. You and your spouse have spent years or even decades building assets and managing bills and debts together, and you are entitled to an equitable share of the work your marital estate represents.
Financial and business issues loom largest in high-net-worth divorces. A divorce may be considered “high net worth” if:
- One or both spouses are high income earners, and/or
- The couple has accumulated significant assets. Read the rest »
Children often feel stressed, sad, confused, and even angry during a divorce. The prospect of your parents separating can be upsetting at any age. Parents can make this transition period easier by remaining positive and by providing stability and support. Try to learn what your child needs and what you can do to help.
There are a number of ways in which you can help your children cope with your separation or divorce. First, make sure you are attentive to your children and listen to their concerns. It is also necessary to provide stability and structure so that your kids do not feel as if their life is spinning out of control. Let them know that you will continue to be there and that they should communicate their concerns with you directly.
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Spouses who are seeking a divorce in Pennsylvania have two options: file for a no-fault divorce or file for a fault-based divorce. The grounds for each type of divorce are different. Knowing the grounds for divorce in Pennsylvania and speaking to an experienced Pennsylvania divorce attorney can help you decide which option is best for you and your family.
The grounds for a fault-based divorce places all blame with your spouse. They attempt to demonstrate to the court that the divorce should be granted due to wrongdoing on your spouse’s part. Grounds for a fault-based divorce in Pennsylvania include:
- Abandonment, without reasonable cause, for at least one year,
- Cruel and barbarous treatment that threatened your life or health,
- Imprisonment of your spouse for at least two years following conviction for a crime,
- Acts that have made your life unbearable or extremely difficult. Read the rest »