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High Asset Divorce Archives

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.

High asset divorce: Family law attorneys can be a support

Mediation, collaborative and traditional litigation are different processes to approach a legal end to a marriage. Clients have often found it important to understand the differences between the three processes and which one may be the best option for their own high asset divorce. Many clients find a skilled Pennsylvania family law attorney helpful when beginning negotiations with their spouse.

Attorneys can help inviduals understand a high asset divorce

Reportedly, Angelina Jolie has felt frustration with the process of separating from her spouse Brad Pitt. Not having processed a high asset divorce before, she likely was unaware of ARTO, an automatic temporary restraining order that is in place to prevent one spouse from traveling with kids without the other spouse's consent through written permission or a court order. Once a divorce process begins in Pennsylvania there are several things a spouse must consider to prevent unnecessary hiccups or legal trouble.

High asset divorce: Reality star talks about the heartache

Many couples enter into a marriage expecting a fairy tale and happily ever after, but the reality is that most marriages are not like the ones found in storybooks. Every marriage faces difficult times and, sadly, some couples are not able to overcome the obstacles they face. When couples are not able to reconcile their differences, they often find relief in seeking a high asset divorce. Pennsylvania couples may be interested in one television reality star's honesty about the pain and emotion she is feeling through her divorce.

High asset divorce: Many women are unaware of their shared money

Although most marriages begin with hope, love and visions of a future together, some statistics suggest that almost half end in divorce. Reportedly, divorce rates have stayed about the same over the last several years except in one category. More marriages are ending for people who are older than 50, and that category is continuing to increase. Surprisingly, it has been suggested that many women who have ended a marriage after the age of 50 have very little knowledge of the state of their finances. Without the assistance of an experienced Pennsylvania family law attorney, processing a high asset divorce without an understanding of marital finances could prove to be difficult.

High asset divorce: Can therapists help the process?

Trained counselors and therapists exist to help with many aspects of life. Couples in Pennsylvania who are considering a high asset divorce likely are aware of the services therapists can offer to married couples, and many couples may have received counseling. Recently, several therapists were interviewed to find out if they ever suggest that a couple end their marriage.

Can prenupital agreeements assist in a high asset divorce?

Following an engagement, many Pennsylvania couples will quickly begin to make several wedding plans. Wedding venues, photographers, musicians, officiants and more are booked prior to a wedding. Many couples are now drafting a prenuptial agreement to their pre-wedding plans. While it is becoming more common for couples of all economic statuses to consider an agreement, prenuptial agreements can be especially helpful in the event of an unexpected high asset divorce.

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