The receipt of an inheritance may impact your divorce or support case. Section 3501 of the Pennsylvania Divorce Code defines what will be considered marital property, and up for division, versus what will be considered non-marital property. Marital property includes all property acquired by either party from the date of marriage through the date of […]
A pre-nuptial agreement is a private contract between the parties entered into prior to their marriage that outlines how assets and debts will be handled if the parties subsequently divorce. A simple pre-nuptial agreement often provides that each party retains their respective premarital property and any increase of value of premarital assets. It may also […]
Many parties in the process of separating are anxious to find out how they can get the other party out of a shared residence. For married individuals, a decision on which party will keep a marital property will not come until the end of the divorce matter and in the interim both parties retain the […]
Parties who are unable to keep up with their financial obligations may consider filing for bankruptcy. Chapter 7 bankruptcy involves liquidation of a party’s assets to repay debts. Chapter 13 bankruptcy involves a payment plan with all collected funds subsequently distributed to creditors in order of their priority. A bankruptcy filing results in an automatic […]
A trust is a mechanism wherein assets are set aside for certain beneficiaries and managed by a trustee subject to the terms of the document. Irrevocable trusts cannot subsequently be modified or terminated. Irrevocable trusts can help protect assets for parties who may need long-term care. Elderly persons needing long-term care often try to utilize […]
Stock benefits are often given to employees as part of their compensation or as an incentive to remain with the company. One of the factors to consider when dealing with stock benefits is whether the benefits are vested or not. Vesting is when all restrictions on the exercise of stock benefits are lifted. Each employer […]
Military retired pay is a divisible asset in the context of a divorce matter. For marriages of at least ten (10) years, military retired pay can be divided through DFAS such that each party receives their share of that benefit directly. For marriages of less than ten (10) years, the service member would be responsible […]
Allocation is the identification of separate portions of a support award where a party receives both child support and some form of spousal support simultaneously. Child support and alimony payments have different tax consequences. Child support is not tax deductible by the payor or taxed as income to the payee. The exact opposite is true […]
Wills for Heroes is a program in conjunction with the Pennsylvania Bar Association that provides free wills, living wills, and powers of attorney to first responders and their spouses/significant others. Proof of military or public service affiliation is required. Appointments are required and can be made on the Pennsylvania Bar Association website. Each appointment is […]
Survivor benefits refer to the benefit that can be paid to the selected beneficiary following the death of the employee. This type of benefit is available in the context of a military pension plan. A survivor benefit is a marital asset that should be addressed in the context of a divorce. It is a separate […]
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