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High Asset Divorce Archives

High asset divorce: Attorneys are prepared for changes in the law

As 2019 rapidly approaches, experts continue to speculate and predict how the new tax laws may affect divorces. Although high asset divorce agreements finalized before 2019 will be grandfathered and allowed to remain under the old standards, the agreements could be affected if any changes arise in the future. In addition, some individuals in Pennsylvania may be surprised to learn that prenuptial and postnuptial agreements could need updating if the laws make some of the agreement terms inadequate.

Can a high asset divorce be contagious?

Viruses and some diseases are contagious, but many people in Pennsylvania may not consider a divorce as something to catch from someone else. Despite what some may think, researchers, believe that there is an increased chance of going through a divorce if an individual has a friend or family member that has also been through the process. Individuals considering a high asset divorce may find comfort in the advice of an experienced family law attorney and the advice of someone who has also experienced hurt and pain.

What factors may predict a high asset divorce?

When a couple decides to legally marry, they most often join households, families, finances and more. As well as the physical joining of their previous separate lives, many couples also join together families, different perspectives on how to live and different processes for handling conflict. Sometimes, the differences that couples merge together are difficult to overcome. Couples considering a high asset divorce in Pennsylvania may be interested to learn that studies show that there may several things that will predict the likelihood of a divorce.

How can an high asset divorce affect a child's college plans?

Many children in Pennsylvania aspire to attend college following their high school graduation. While most parents would agree that a college education is a significant benefit to their child's future, it is often difficult to keep it in mind when negotiating a high asset divorce. Because children's college education is often an afterthought during divorce negotiations, many college students of divorced parents often finance the majority of tuition themselves.

High asset divorce may be ending a Christmas tradition for town

The public perception many couples display to friends and family is often not what is happening behind closed doors. Sadly, many couples do not share the love and respect for one another that they may appear to have in front of others, and some couples may determine a divorce is in their best interest. Pennsylvania couples may be interested in one couple's pending high asset divorce and how it may affect a beloved community tradition.

High asset divorce: Attorneys can help with asset division

Some people may be able to improve their financial status by getting married. Unfortunately, the opposite is often not true. The divisions of assets, liabilities, income and expenses are often contested in a high asset divorce. Many couples considering a divorce find the advice of a Pennsylvania family law attorney invaluable when planning their financial future beyond a divorce.

High asset divorce: Is money the culprit?

It is has been said, "Money is the root of evil." While some may argue that the statement is not true and may list all the good money can do, it has been documented that it is often the main issue between couples and the number one cause of divorce. Some couples are able to work through financial stress, but when a high asset divorce cannot be avoided, Pennsylvania family law attorneys can help an individual spouse work through the difficult situation.

New laws may complicate a high assest divorce in 2019

Pennsylvania couples who are considering a divorce in the next few months will likely be affected by the federal Tax Cuts and Job Act that was recently enacted. Anyone involved in a high asset divorce will likely have to contend with the effects of the changes with how alimony will be taxed. Prior to 2019, alimony was tax deductible for the payor and taxable income for the payee. The new tax law has changed it up and the payor will now not be allowed to deduct any paid alimony from taxes, and the payee will not have to pay taxes on any alimony received.

Finalizing a divorce in 2018 could make financial sense

Divorce always has a financial impact on both parties, and it is beneficial for each person about to move forward with this process to consider how to minimize the potentially negative effects it can have. Due to various factors, including changes to tax laws, it could be smart for a Pennsylvania couple to work to finalize their divorce before the end of the year. This effort could have certain financial benefits.

Electronic connections can hinder high asset divorce

It is not just deciding who gets the house and the wedding gifts, and splitting bank accounts that have to occur before the end of a marriage; there is now a world of electronic connectivity that has to be disconnected. Couples are linked by smartphones, emails and sometimes social media accounts, making it a difficult situation when handling a sensitive high asset divorce. Pennsylvania family law attorneys would likely advise an electronic separation to occur well before a divorce is finalized.

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