Category: Complex Financial Issues

5 Tips to Affording Your Divorce

June 28, 2018 | Complex Financial Issues, Divorce, Legal Perspective

Icon for author Joseph Williams Joseph Williams

One of the most common questions asked of a divorce lawyer is “How much is this going to cost?”  While your lawyer cannot ultimately control the cost of your case, here are five tips to help ensure your divorce is as cost-efficient as possible: If possible, work directly with your spouse. While you will need to rely on the expertise of your lawyer for many decisions, if you can agree […]

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3 Steps to Protect Your Finances During a Divorce

June 04, 2018 | Complex Financial Issues, Divorce, Legal Perspective

Icon for author Lindsay Nemit Lindsay Nemit

In a recent survey, nearly 65 percent of Americans told CreditCards.com they lose sleep worrying about financial concerns. Everyday financial stresses weigh us down and those worries are bound to be compounded by a divorce. Fortunately, there are a number of ways to prepare yourself and your finances for divorce to minimize uncertainty and help you sleep easier. Follow these three easy steps: First, it is critical to have a […]

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Complex Financial Issues in Divorce

An Explanation of Equitable Distribution of Property

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Settle Your Divorce Before the Alimony Tax Deduction Is Repealed

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

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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