Following the announcement of the tax law changes that will apply to divorces in 2019 and afterwards, experts expected a rush of couples to process their divorces to take advantage of existing laws. Starting on Jan. 1, 2019, alimony will no longer be tax deductible for the payer and no longer reportable as income by the payee. This led experts to believe that individuals would rush divorces to process in 2018 to avoid negotiations under the new laws. Surprisingly, some attorneys in Pennsylvania and across the country are not seeing an increase in divorce cases. Whether divorces occur in 2018 or 2019, property division is still a difficult part of the process.
Some Pennsylvania couples appear to share a fairy tale kind of life and love. Unfortunately, some fairy tale marriages end up facing difficult and complicated negotiations for divorce, child support, custody, spousal support and property division. One couple shared such a romantic fairy tale type of love that it became a popular movie, but their marriage may be struggling.
Lawyers in Pennsylvania and across the country are reporting a reduction in the divorce rate. According to statistics, the divorce rate may have lowered as much as 18 percent in the last ten years. When other factors that could inflate the rate are eliminated, the rate is still believed to be as much as eight percent. Although there has been a decrease in divorce, many attorneys report there is an increase in requests for prenuptial agreements, which can assist couples with property division if a divorce occurs.
The cost of college and graduate education has risen significantly over the last few decades. With the rise, there has also been the rise of student loan debt, and the cost of higher education makes it difficult for many individuals to avoid it in order to obtain a degree. When individuals take on student loan debt, they typically expect that it will catapult them into a career that will offer financial security, but that is not always the case. A recent study concluded that student loans are likely the culprit of financial stress that occurs prior to some divorces. In Pennsylvania and other states, division of debt is an important part of property division during divorce proceedings.
Divorce is a stressful process, and sometimes, a person may be tempted to allow his or her temporary emotions to drive decision-making. However, temporary emotions are rarely indicative of what is actually beneficial for the future, and Pennsylvania readers facing the prospect of divorce would be wise to think about their long-term interests. This is particularly important when negotiating property division settlements and addressing retirement accounts.
Entering into a marriage is a big decision. Although most couples imagine growing old together, almost half of all marriages end in divorce. Because it is most often an emotional and painful process there are many mistakes that spouses make when negotiating the details of property division and divorce terms. Pennsylvania couples considering a divorce may be interested in some tips of mistakes to avoid when getting a divorce.
In Pennsylvania and across the country, a 'gray divorce' is one where a couple the age of 50 ends their marriage. Statistics indicate that it is the only age group in which divorces are increasing. Because many couples over the age of 50 have been married for many years, property division and other aspects of a separation can prove to be difficult and typically require the help of a skilled family law attorney.
Reasons differ for every family unit, but many families still choose to leave the workforce when children are born. The most common spouse to stay at home still is the mother. When a couple begins having marital problems and a divorce is on the horizon, property division concerns can seem overwhelming for a nonworking spouse. A Pennsylvania family law attorney can help anyone considering a divorce protect finances prior to officially filing in court.
When most Pennsylvania couples marry, they merge lives, property, wealth and begin to acquire more property together. Couples that have divorced can likely attest that property division is often one of the most difficult aspects of the entire process. Decades ago, half a car appeared on the side of the road in another state with a sign on it, making it appear as if the owner's former spouse got the other half of the vehicle.
Pennsylvania couples going through a divorce have to make a staggering number of decisions. Aside from child custody, which is the primary issue for couples with minor children, property division comes in a close second. Determining how to divvy up marital assets and household goods can take up a large percentage of divorce negotiations. For some, disputes over who should keep the family pet(s) become something of a hybrid between a custody fight and property division issue.