Pennsylvania spouses who are considering filing for divorce in the first few weeks of the new year are not alone. January has long been the most popular month of the year to file, for a number of reasons. Regardless of the reasons behind the decision to file for divorce, there are a number of steps that spouses can take to ensure the best possible outcome in terms of property division.
As of January 1, the tax laws allow for taxpayers to avoid estate taxes up to the amount of $5.25 million and $10.5 million for couples. As great as this may be for the 'ultrawealthy,' there may be concerns about leaving these large sums to their heirs. As we have seen over the past decade or so, the children of this ultrawealthy class don't seem to manage their affairs particularly well, and often find themselves embroiled in tabloid drama. The Wall Street Journal addressed this question in an article entitled "Can you trust your kid with $5.25 million?"
Pennsylvania readers may be aware of a recent initiative by the U.S Department of Justice aimed at locating some of the nation's most notorious parents. The effort has received a wide range of media coverage, as federal resources are spent trying to locate and arrest parents who are significantly behind on their child support obligations. While the details of this case are far and beyond those of the average parents, the story does send a message to all parents concerning the serious nature of child support violations.
Pennsylvania residents may be familiar with a recent story from the midwest. The investigators of a possible murder will be allowed to exhume the body of a lottery winner who died of cyanide poisoning shortly after his $1 million windfall. The judge agreed that there was reason to allow the medical examiner to exhume the body for additional forensic evidence in order to determine if the man was murdered. In addition to the criminal justice aspect of the case, the estate must also be determined.
With the 'fiscal cliff' topic in the news and tax-filing season upon us, the issue of taxes is certainly on everyone's minds. The topic of taxes comes up in estate planning, as well, in regards to seeking the most beneficial exemption level. Estate tax liability issues ought not to be taken lightly.
Divorce can be a challenge, especially when one party has little knowledge of the financial workings of the family. A recently article published by Forbes gives a range of tips to women who are considering a divorce. By taking the time to become better prepared for the split, Pennsylvania spouses can increase their power within a high-asset divorce process, and possibly enjoy a better outcome.
Every year many of us make a New Year's resolution or two usually regarding our physical health. Some want to lose weight and exercise more, or perhaps cut down on some particular food group, but what about your financial health, isn't that important too? There are a number of steps we can take to better plan for our future financial health as well as our families by resolving to establish an estate plan this year.
Pennsylvania spouses who are in the early stages of divorce, or who are considering filing for divorce, may be surprised to learn that the presence of an affair does not always affect the financial outcome of a divorce proceeding. When we take our vows, most of us take the promise to be faithful and honest very seriously. When it becomes clear that our partner does not share those same values, the result can be the devastation of the marriage. However, when it comes to matters concerning property division, who cheated on whom may have little-to-nothing to do with the resolution.