Category: Complex Financial Issues

Complex Financial Issues in Divorce

An Explanation of Equitable Distribution of Property

April 16, 2018 | Blog, Complex Financial Issues, Divorce, Equitable Distribution

Icon for author Jennifer Zofcin Jennifer Zofcin

In Pennsylvania, family courts divide marital property using a system called equitable distribution. The goal of equitable distribution is to effectuate economic justice between the parties. Therefore, the division is not always done in equal shares, as is commonly seen in community property states. A Pittsburgh divorce lawyer can walk you through the steps of equitable distribution and explain the intricacies if you are considering divorce and need to review […]

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Avoid the Divorce Pitfall of Double Dipping

Many of us have heard of the party foul called double dipping — using the same chip or cracker for multiple scoops into the serving dish or crockpot of delicious dip. In divorce litigation, double dip has a much more complicated meaning. In divorce terminology, a double dip occurs when the same income or cash flow is used twice — once as an asset to fashion an equitable distribution of […]

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Settle Your Divorce Before the Alimony Tax Deduction Is Repealed

April 01, 2018 | Alimony, Blog, Complex Financial Issues, Divorce, Tax Issues

Icon for author Brian Vertz Brian Vertz

Spouses who are separated should act promptly to settle their divorce cases, before changes in the federal tax law make it more difficult next year. Back in December 2017, the U.S. Congress passed a law that makes sweeping changes in federal income tax. Many personal tax deductions have been repealed, including the right to deduct alimony from taxable income. The repeal of the alimony tax deduction affects divorce settlements and […]

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Keeping Taxes Low During Separation and Divorce

April 01, 2018 | Blog, Complex Financial Issues, Divorce, Tax Issues

Icon for author Dan Glasser Dan Glasser

Divorcing couples often face disastrous tax consequences because they go from filing taxes jointly to married filing separately, which creates the highest tax burden for both spouses. But, there is an alternative. Under certain circumstances, parents with children can file as head of household. To qualify, a single or legally separated person must maintain a household for more than half of the taxable year which is the principal residence of […]

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