According to a study done at Bowling Green State University, the number of divorces among older individuals has increased enormously in the last few years. The divorce rate for individuals between the ages of 55 and 64 doubled between 1990 and 2012; for those over the age of 65, the rate tripled. Dealing with a divorce later in life can have greater financial implications because people have less time to recover from the loss of assets.
Antonio Cromartie pays $336,000 in yearly child support
Football fans in Pennsylvania may know that Antonio Cromartie is the father of multiple children. Currently, Cromartie pays $336,000 per year in support to the eight children that he has fathered with seven different women. That equates to $3,500 a month for each child. In addition to those children, he has two more kids with his current wife and is expecting two more.
Tax responsibilities for property transfers in divorce
Divorcing spouses in Pennsylvania often must deal with several complex financial matters when they negotiate a settlement agreement, including property division. Some might need to carefully consider the tax responsibilities that apply to their property settlements before it is too late to make changes.
Successful co-parenting after a divorce
Most divorced parents in Pennsylvania are committed to the well-being of their children. This often means developing effective ways of co-parenting with their former spouse. While there are often challenges involved in this process, parents and child development experts agree that the effort greatly benefits the children.
