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December 2017 Archives

Divorce can impact credit scores

Divorce can always be full of many challenges for people who live in Pennsylvania and across the United States. From the emotional minefields of the end of a marriage to the financial and practical difficulties, there are a number of concerns for people going through a divorce. One of the more significant issues, especially for people who use credit frequently and value their high credit scores for low interest rates and strong mortgage approvals, is the impact divorce could have on their credit.

Considerations in divorce when one spouse has bitcoin

Some people in Pennsylvania who are getting a divorce might consider hiding any bitcoin assets. This is the advice provided on some websites for people who are divorcing due to the fact that if a person claimed to give away a bitcoin account, it would be difficult to trace.

Judge orders actress Jodie Sweetin to pay child support

Pennsylvania fans of the actress Jodie Sweetin may have heard that she has been ordered to pay child support to her ex-husband Morty Coyle. On Dec. 15, a judge ordered her to make two payments per month of $1,400 each. The payments are due on the first and 15th.

The role of consent in a child support case

Pennsylvania residents may know that same-sex marriage is legal throughout the United States. However, there are situations involving such couples that may not arise for heterosexual couples. One such case revolves around a Hawaii woman who wanted to sever rights to the child her wife bore while she was away on military service. Justices from the Hawaii Supreme Court heard arguments in the case, and the central issue seems to hinge on whether consent was given by both parties to have the child.

Could a postnuptial agreement help prevent your divorce?

Most people who follow modern pop culture are familiar with the idea of a prenuptial agreement. These documents allow people with substantial assets to outline the expectations for their marriage, as well as how the division of assets and spousal support should get handled in the event of a divorce. Fewer people understand the similar, but notably different, postnuptial agreement.

Rap artist Kodak Black ordered to pay child support

Pennsylvanians who follow news from the world of rap music may know that Kodak Black has been embroiled in a lengthy child support battle with the mother of his 2-year-old son. Recently, a court issued its final orders in the case, and the hip hop star will pay $4,200 per month until his son reaches the age of majority.

The impact of divorce on Social Security payments

Pennsylvania residents who are going through a divorce or who have already completed this process know firsthand the impact it can have on their finances. When divorce happens later in life, it can make it more challenging for the divorcing individuals to stabilize themselves as they move on into retirement.

Potentially devastating effects of divorce in retirement

Divorce after retirement can pose challenges younger people might not face when they decide to end their marriages. For example, retired Pennsylvania couples likely planned for their retirement savings to provide for them as a couple. If they get divorced, they have to divide the existing funds and either learn to adapt to a new standard of living or go back to work.

Your property division checklist

There are so many things to keep track of in a divorce that it can be easy to forget what's important. It seems like each area has its potential issues and problems that estate planners have to address. Take asset division, for example. If you forget to consider capital gains tax liabilities on a valuable piece of property, you could be in serious trouble.

The gig economy and child support payments

Those who owe child support in Pennsylvania may make it easier to hide their income by working a contract job. Even if the state knows that a parent is making money though Uber or a similar company, it may only be possible to garnish wages if the company agrees to cooperate. Under most state laws, employers are required to add new hires to child support databases. However, this generally only applies to new employees as opposed to contract workers.

How to separate finances in a divorce

One step many people in Pennsylvania may need to take when they are getting a divorce is to separate their accounts. This includes closing shared accounts that are in both people's names. Doing so can protect someone from a spouse that might clean out an account or run up debt without having to pay. It also offers both people the opportunity to establish separate accounts and individual credit.

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