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Divorced spouses who do not update their beneficiary designations are taking an unnecessary risk, as illustrated by a case now pending before the U.S. Supreme Court.  In Sveen v. Melin, No. 16-1432 (cert. granted December 8, 2017), the Met Life insurance company was “caught in the middle” when its policyholder Mark Sveen died in 2011.  He had purchased his life insurance policy and designated his then-wife, Kaye Melin, as his […]

Tax time can be a stressful situation for any individual. However, for separated couples comes additional considerations and unavoidable tax planning. The ultimate decision which must be made is whether the separated parties choose to file as married filing jointly, married filing separately, or have the added option of filing head of household. However, the decision regarding filing status cannot be made without properly weighing the advantages and disadvantages of […]

When business owners get divorced, the business may become a casualty if decisive measures are not taken. Divorcing business owners must consider how the company will be operated during the divorce process; the financial impact of divorce-related obligations, like spousal support and legal fees, on business cash flow; and the influence of rumors and conflict at work. These same considerations apply to licensed professionals, like dentists, physicians, accountants and others […]

Quite often, soon-to-be-married individuals casually address lawyer friends at social events and cocktail parties wondering this very question. They are in love; they almost don’t want to think about it, but the nagging question makes them wonder — and with good reason. The answer — it depends. Here are five circumstances our Pittsburgh asset protection attorneys have found where a prenuptial agreement may be right for you: If you already […]

Business attorneys will tell you nothing is more complex than dealing with the dissolution of business partnership. They even refer to it as a “business divorce.”  However, there may be something more complicated than a “business divorce,” and that is an actual divorce between spouses who jointly own a closely held business. Almost one-third of the 2.6 million companies authorized to do business in Pennsylvania are small businesses of fewer than […]

When a business is an asset in a Pennsylvania divorce, the court needs detailed information — and often a business valuation in divorce — to perform equitable distribution. The information must be presented in court in an effective way.  Not having a business valuation or detailed information can lead to unexpected results.  Recently, in Sweeney v. Sweeney, No. 2164 EDA 2015 (August 30, 2016) (non-precedential), the Superior Court confronted a divorce case in which the […]