The bill would eliminate the tax deduction for alimony and make alimony income tax-free to the recipient for divorce decrees. Under current law, ex-spouses who pay alimony can deduct the expense from their federal income taxes; ex-spouses receiving alimony payments have to claim the money as taxable income. To see more, read here.
On the day of your wedding, everything is perfect. You are marrying the person of your dreams and you are taking vows to be together forever. However, unfortunately over 50% of the time, that wedding day becomes a fantasy. For whatever reason, the marriage falls apart, whether a spouse had an affair, money issues,…
Some states are accelerating the trend toward co-parenting, with legislatures in more than 20 states this year considering bills that would encourage shared parenting or make it a legal presumption — even when parents disagree. To read more, see here. Please note, Pennsylvania is not considered one of the states in this article. December 11,…
An uncontested divorce can offer a means of simple and inexpensive closure of your marriage. In an uncontested divorce, you and your spouse can agree to a martial settlement, which will cover issues such as distribution of marital assets and liabilities, designation of non-marital assets and liabilities, time-sharing of children, a parenting plan, spousal support,…
Pennsylvania is an equitable distribution state. Upon request of either party in an action for divorce, the court shall equitably and fairly divide, distribute or assign the marital property between the parties, without regard to marital misconduct, in such percentages and in such manner as the court deems fair after consideration of all factors. Marital…
These agreements are not just for the rich and famous, experts say. Pre- and postnuptial agreements are sometimes seen as a troubling sign of distrust in what should be a loving relationship. But advocates say they can be essential for protecting investments, especially if one partner has children from a previous relationship, even if the…