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February 2016 Archives

Children and tax matters following a divorce

There is no doubt that a divorce can result in challenging financial circumstances for many Pennsylvania parents. The individual who owes support may find that their budget is tight, which might make the ability to deduct support a huge help. However, this is not permitted for child support. The parent who receives child support does not need to report it on an income tax return, but alimony must be reported as income by the recipient and is also deductible by the payer.

Divorcing spouses need to know financial picture

Many Pennsylvania couples know they're likely to need separate legal representation to help them through the process of divorce. Some may not realize, however, that having a financial adviser can be just as beneficial, especially if the couple's financial picture is complicated.

Issues to avoid with dividing retirement assets

In divorce cases in Pennsylvania and around the country in which a spouse has accumulated money in a retirement account or a non-qualified plan, the accounts held are in most cases subject to property division. It is important to understand how to correctly divide these accounts and to avoid making errors that could cost significant sums.

Child support and custodial fathers

Some Pennsylvania fathers become the custodial parents of their children after a divorce. Many custodial parents have the right to request the court to order the child's noncustodial parent to pay child support, but men sometimes face cultural stereotypes that say they shouldn't seek or receive it.

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