According to a recent study by the American Psychological Association, in Western cultures, approximately 90% of people have been married by the time they reach the age of 50. Additionally, they find that roughly 45% of marriages in the US fail. The process of terminating a marriage is strongly correlated with increased stress levels and financial difficulties. In Pennsylvania, two commonly awarded, or ordered actions of the courts are those of alimony and spousal support. Often the two terms are mistakenly used interchangeably, and in Pennsylvania they are two separate and distinctive legal orders.
Those facing a divorce quickly come to the realization that there are potentially large financial issues and decisions that are now going to be rendered. Some of the major economic aspects of a divorce include the division and distribution of assets, child custody, child support, and spousal support/alimony. Pennsylvania courts have the duty and the power to design, order, and enforce what they determine is a fair resolution to maintain some economic justice and equity when finalizing a divorce.
There are a wide range of hurdles to overcome when pursuing a divorce. From custody battles and asset division to overcoming emotional upheaval, it can be easy to forget about the importance of maintaining financial security. Many Pennsylvania divorce financial and tax issue attorneys understand that negotiating a fair and just settlement agreement is one of the biggest steps toward ensuring a stable future after your divorce is finalized.
The following steps can help you ensure financial security throughout the divorce process: Read the rest »
A bill that recently made its way through Florida’s legislature, only to be vetoed by Gov. Rick Scott at the final hour, highlights the growing debate about permanent alimony reform in the United States. Proponents of Florida’s reform bill argue that alimony is an outdated agreement that unfairly ties the payer to a lifetime of debt for what may have been a short-lived marriage. Opponents, however, believe that the bill would have retroactively canceled existing financial agreements that many divorced spouses rely on.
If the bill had passed, Florida would have become the fifth state in the U.S. to abolish lifetime alimony awards.
According to The Wall Street Journal, Florida’s reform bill proposed that alimony payments would be based on the payer’s monthly gross income, and payments would not last more than half the duration of the marriage. Therefore, shorter marriages would garner fewer payments than marriages that last 20 years or more. Read the rest »
Spousal maintenance payments, also known as alimony, are payments that a spouse who made most or all of the couple’s income makes to the other spouse, who made little or none of the couple’s income. Temporary maintenance payments are intended to help a party who has little education or job prospects live until they can complete an education or find a job.
Not all divorces in Pennsylvania will include maintenance payments. In cases where both parties are employed or have a good education, the court may not order maintenance payments, instead allowing each party to go on living on their own wages. Read the rest »
Supporting a family takes work, and subsequently, requires money. Parents may find this responsibility daunting when raising even just one child, let alone more than one. Such a task may become even more challenging after a divorce, or when eight children are involved. According to a seattlepi.com story, Kate Gosselin has submitted paperwork asking for child support in addition to temporary spousal support from her estranged husband, Jon Gosselin.
The Gosselin divorce has been at the forefront of family law discussion recently due to its many complexities. For instance, Kate’s lawyers claim that she is unable to pay bills due to John removing money from their joint bank account. Her attorneys stated, “She needs relief in light of the draining of substantial marital assets.” Apparently, Kate submitted petitions for child and spousal support last week at just about the same time she filed an emergency petition requesting to have a Pennsylvania judge order Jon to return the money that he took from the joint account. Reports say that these financial issues are scheduled to be addressed on Tuesday, October 13, 2009. Read the rest »