Alimony

Jul 07

Financial Considerations in an Amicable Divorce

Divorce is a challenging life event, but it doesn’t always have to be adversarial and ugly. In an amicable divorce, couples work together to end their marriage in a respectful way, focusing on good communication and understanding. One important aspect of an amicable divorce is dealing with the financial side of things.

Before starting the divorce process, it’s important for both of you to understand your financial situation. This means having a comprehensive understanding of your assets, liabilities, income, and expenses. Take the time to gather and organize all the relevant financial documents, like bank statements, tax returns, and property ownership documents. Having a clear picture of your finances will help you make smart decisions and work out a fair settlement.

Assessing Assets and Liabilities

In an amicable divorce, it’s necessary to figure out both what you currently own and what you owe. This means looking at the properties, investments, retirement accounts, and any other assets acquired during your marriage. It’s also important to think about the debts you have, such as loans or credit card balances. By taking a good look at your assets and debts, you can make sure everything is divided fairly and equitably between the two of you.

Deciding how to divide your assets is a big part of a divorce. The division of marital property is often a significant consideration during divorce proceedings. Different jurisdictions adopt varying approaches, such as equitable distribution or community property principles. Equitable distribution aims to divide assets fairly based on various factors, including each party’s contributions to the marriage, earning capacity, and future financial needs. Through negotiation and compromise, couples can achieve a fair and mutually beneficial division of their shared assets.

Family Financial Planning

Spousal support, commonly known as alimony, is another financial consideration in divorce. This is when one person pays the other person to help them financially after the divorce. The amount of support depends on things like how much money each person makes, how long the marriage lasted, and each person’s needs. Talking openly about spousal support and thinking about the future can help you come up with a fair agreement.

When children are involved, the financial well-being of the children becomes a primary concern. Child support ensures that both parents continue to provide financial support for their children’s upbringing and welfare. During an amicable divorce, it is essential to determine child custody arrangements that prioritize the best interests of the children. Open discussions and cooperation are crucial in creating a child support plan that is fair and sustainable for both parties.

Divorce can have significant tax implications, and understanding them is vital for effective financial planning. Various aspects, such as the treatment of alimony, child support, and property transfers, can impact tax obligations. Seeking professional advice from a tax specialist or accountant will help you navigate these complexities and make informed decisions that align with your financial goals.

Planning for the Future

Considering the long-term financial implications of the divorce is essential for securing your financial future. Setting realistic goals and developing a post-divorce financial plan will help you move forward with confidence. Seeking the guidance of financial planners or advisors can provide valuable insights into managing your finances, investments, and retirement plans.

In an amicable divorce, addressing financial considerations is crucial for a smooth transition and fair outcomes. By understanding your financial situation, dividing your assets and debts fairly, and considering things like spousal support and child support, you can make the financial side of divorce a little easier. With the help of professionals and by planning for the future, you can set yourself up for a stable financial future after the divorce.

Amicable divorce ultimately requires commitment, compromise, and patience from both parties, but is an excellent option for Pennsylvania couples who are motivated to part ways peacefully without the need for court intervention. If you’re interested in this type of divorce, you might want to seek the assistance of a qualified divorce lawyer who can help you determine if it’s the right choice for you. Contact the Law Office of Joanne Kleiner at 215-886-1266 to speak with an attorney at our Jenkintown office about your legal rights and options.

Apr 08

Preparing for Divorce as a Non-working Spouse

How to Approach Divorce if You Are a Non-working Spouse

Divorce can be a lengthy and costly process, and it comes with financial and emotional consequences. For non-working spouses, who often have devoted years to being homemakers, it can be scary as well, as the uncertainties that they face can seem overwhelming. However, they do have options that they should consider as they prepare and begin planning for life post-divorce.

Getting Back on Your Feet Can Take Time

When a marriage ends, you might feel like you want to rush into your new life and forget the past, but the divorce process takes time, and you will need the patience to go through it. The decisions that you make during this period might affect you for years to come, so make sure that you prepare well for it.

You will also need to begin preparing for your life post-divorce, and if you were the non-working spouse, you might worry about how to do this. If you have been out of the workforce for a long time, you might think you need to take the first job you can. However, during and after the divorce itself, you might also look at training and education options that will help you with your employment opportunities. This will take time, but it might result in a better paying and more satisfying job in the long run.

Preparing for the Divorce Negotiations

During this time, you might benefit from seeking guidance from a divorce lawyer, who can help you prepare for the negotiations over your settlement. At thi8s time, you will need to gather financial documents to get a clear picture of the type of settlement that will be just. Some of the documents you might gather include:

Bank statements for your savings, investment and checking accounts
Credit card statements
Vehicle titles and loan statements
Property titles and mortgage information
Retirement accounts, pension plans and insurance statements

Financial Options for Non-working Spouses During Divorce

You might still be worried about how you will support yourself as you acquire new skills, and this might make you afraid of the future. However, you do have financial options available to you that will help you get back on your feet financially, such as benefits from your divorce settlement, alimony or spousal support and child support.

While alimony payments might eventually run out and child support is used to cover the needs of your child, your settlement might also yield benefits that can help you as you transition back into the workforce. A divorce lawyer might help you understand your financial options.

Making the Tough Decisions

Divorce is also a time when you will have to make tough decisions that will impact you and your family. One of these might be whether to keep the family home or not. For example, for a non-working spouse, it might not be financially feasible to keep the house, so the decision might have to be to give it up during the settlement negotiations or to sell it and receive your part of the proceeds. You need to be prepared to make these tough decisions as you move forward with your life.

Dealing With the Emotional Impact

Like any other major change, divorce comes with an emotional impact. You might experience fear about what is coming and anger about what is ending. You will have periods of anxiety for the future while also being excited about leaving a bad situation. You will grieve for the relationship, the family and the life plan that you have to let go of to begin life after divorce. To deal with this impact, you might gather a support team made up of family members and friends who let you speak and listen to you, and you might seek professional support through therapists or psychologists.

Let the Law Office of Joanne Kleiner Help You

If you are considering divorce, you can contact the Law Office of Joanne Kleiner to request a consultation. Call 215-886-1266 or submit our online form today.

Feb 02

How Long Do Alimony Payments Last?

How Long Can You Receive Alimony Payments?

Each year, roughly 450,000 people receive alimony payments. This money can be a way of compensating newly divorced spouses for the unpaid labor they performed during their marriage, but it usually is not meant to last forever. If you are receiving alimony payments, understanding how long they will last can help you make smart financial choices.

There’s No Set Rule for Alimony Length

Unlike child support, there are no legal requirements for how much alimony a person gets or how long alimony lasts. If a couple comes to their own decision regarding alimony length, the court rarely interferes with a divorce lawyer drafting an agreement. However, if two people cannot reach a fair decision on their own, the court may get involved. Typically, judges determine the length of alimony based on factors such as:

How old both parties are
The length of the marriage
Each spouses’ realistic earning potential
How many savings each spouse has
Whether the spouse has custody
What each spouse’s marital expectations were
Whether the marriage ended due to infidelity

Though there’s no strict rule, most alimony payments tend to last for somewhere between 15 percent to 40 percent of the length of the marriage. The average alimony payments end within 5 to 10 years of the marriage ending.

Alimony Often Ends Once a Spouse Can Support Themselves

In most cases, alimony is meant to support a spouse who gave up their career to assist their partner with things like childcare and home care. Therefore, alimony is supposed to bridge the gap between a person leaving their spouse and rebuilding their career. Often, the alimony is set to end once a person has had a reasonable amount of time to become self-sufficient.

There can be various ways of determining this. The most common guideline is that alimony ends after remarriage. Pennsylvania law also acknowledges that alimony usually should end if the recipient is cohabitating with another party in a marriage-like arrangement. In some cases, a couple may agree for alimony to end after a person graduates from school, or any minor children leave the home. One party can always ask for alimony to end after a situation changes. Therefore, if one spouse gets a high-paying job, their ex may be able to petition the court to end alimony payments ahead of schedule.

Permanent Alimony Is Rare

It is extremely rare for a court to order indefinite alimony with no specific end date. This usually only happens after the end of long marriages in which one spouse has no savings or work experience. The most common example of this happens when two people get married at a very young age, have children immediately, decide to have one parent stay at home and do not divorce until they are seniors. Since a senior with absolutely no job history is unlikely to get a job that pays decently, they could need alimony for the rest of their life.

Permanent alimony can also occur if a spouse is incapacitated. If one person has a mental or physical condition that keeps them from caring for themselves, that individual may need alimony to survive. The court is also more likely to order extreme alimony amounts when one spouse has a lot of money and the other has none. So if one spouse is a millionaire and the other spent the 20 years of marriage without working at all, lifelong alimony is a little more likely.

If you are in a situation in which alimony can be helpful, it’s important to consult with a divorce lawyer as soon as possible. An attorney can help you draft an alimony agreement that suits your needs. At the Law Office of Joanne Kleiner, our team will work hard to help you get the alimony you deserve. Learn more about our Jenkintown divorce services by calling (215) 886-1266 or filling out our contact form.

Dec 02

What Are the Differences Between Getting an Annulment and a Divorce?

Key Differences Between an Annulment and a Divorce

If you’re considering ending your marriage with the assistance of a divorce lawyer, you’re not alone. In the USA, about 50% of marriages end in divorce. Second and subsequent marriages have even higher divorce rates, and understanding the difference between an annulment and a divorce will help you make the best decision for your personal and financial future.

Invalidation of the Marriage

The biggest difference between a divorce and an annulment is that an annulment declares the marriage to have been legally invalid. A divorce is the ending of a legally valid marriage. By declaring a marriage invalid, an annulment is like erasing a marriage. However, the legal marriage records still remain on file in the courts. A religious annulment has no legal standing. If you want a legally binding annulment, this requires a court process.

Legal Termination of a Valid Marriage

A divorce is the legal termination of a valid marriage. The divorce decree states that both parties are single again. It ends all of the legal rights and obligations that married spouses have to each other. It also ends the legal benefits of a marriage, such as health care and survivorship benefits.

Reasons for a Divorce

Courts accept a wide variety of reasons for a divorce. The most common type of divorce is a no-fault divorce. This means that neither party is the cause of the ending of the marriage. “Irreconcilable differences” is the most frequently cited reason behind a no-fault divorce.

Pennsylvania law allows you or your soon-to-be-ex-spouse to file for a fault divorce. A fault divorce entails proving that the other party in the marriage acted in a way so as to end the marriage. Some reasons for a fault divorce include adultery, domestic violence, and cruel treatment. In a fault divorce, there are differences in the divorce settlement. For example, the spouse who committed adultery may be ineligible for alimony. The other spouse will have to prove to the court that the adultery took place in order to be granted a fault divorce.

Reasons for an Annulment

You may consider filing for an annulment if you or the other party believes that the marriage should never have taken place. For example, you may have gotten married by the justice of the peace after going on just two dates with your spouse. If you decide this marriage should never have taken place, filing for an annulment is a way to erase the marriage. Other reasons for an annulment include the discovery of secrets. If you would have had access to this information at the time of the marriage, you would not have gone through with it. For example, if your spouse had a child and didn’t tell you about them, this may be a reason for annulment.

Legal Grounds for Annulment

Pennsylvania courts also offer legal grounds for annulment that are not available for divorce. For example, if the marriage is incestuous or if one or both of the spouses were not legally old enough to marry, these are grounds for an annulment.

Eligibility for Alimony

After an annulment, neither party is eligible to receive alimony or spousal support. After a divorce, one of the parties may be able to receive alimony. Alimony may be granted if one person was a stay-at-home spouse or parent, cannot work, or earns significantly less money than the other spouse.

A consultation with a divorce lawyer in Jenkintown, PA, makes it easier to understand the options for ending your marriage. After consulting with a divorce attorney, you’ll have peace of mind knowing that you explored all of the options and made the best possible decision for your future. For more information about the differences between an annulment and a divorce, contact the Law Office of Joanne Kleiner at 215-886-1266, or fill out our online form today.

Sep 16

How Do You Negotiate a Satisfactory Alimony Payment Plan?

Tips for Negotiating Fair Alimony Payments

As more and more women join the workplace, alimony rates have dropped sharply. However, alimony may still be necessary in some situations. To reduce the stress and hassle associated with alimony negotiations, follow these tips.

Know the Legal Guidelines Around Alimony

Before you even begin negotiations, it is important to know what you can and cannot do. In Pennsylvania, the law only requires alimony in situations in which one spouse is dependent on the other. There is no set threshold for what counts as a dependency, but it usually involves one spouse paying for the majority of the other spouse’s living expenses.

It is possible for someone to receive support after splitting from his or her spouse but before the divorce is finalized. This alimony has to be calculated with a formula determined by Pennsylvania law. For alimony after a divorce, there is more leeway in how it is calculated. The couple can come to an agreement on their own, or the court will consider the alimony petition and decide for them. The court will consider things like:

The length of the marriage
Each spouse’s earning capacity
Each spouse’s physical health
The standard of living during the marriage
Whether the custodial parent will be able to earn enough money
How many personal assets each spouse has

Check Any Prenups You Signed

If you signed a prenuptial agreement, one of the first things to do is go over the document carefully with your divorce lawyer. In most cases, you will need to stick to your prenuptial agreement during the divorce. This is generally the fairest and simplest way of determining alimony. However, either one of the spouses can ask the court to throw out prenup alimony provisions. If the court determines that the prenup would destitute one of the spouses, it may be thrown out. You can also get a prenup thrown out if you can show that there were irregularities in creating the document.

Gather Information About All Parties’ Incomes, Assets and Expenses

A fair alimony negotiation depends primarily on taking a close look at both party’s finances. You will need to consider which assets are shared marital assets that will be split in the divorce and which assets are separately owned and that each spouse gets to keep. Next, take a look at how much each person earns. In addition to current salary, look at income potential. For example, a person who was a stay-at-home parent for 20 years may find it hard to get a high-paying job.

Figuring out how much money each person has can help you see whether you or your spouse needs alimony. In addition to income, you also need to evaluate needs. Look at each person’s lifestyle, and try to determine how much he or she would need for food, shelter and other essentials. Remember that each person should, ideally, have enough to keep up with the standard of living he or she had before the divorce.

Avoid Extremely Unfair Offers or Other Rude Behavior

When negotiating alimony, try to keep it focused on the facts. Talk about how much each partner makes, how much each individual needs and whether each person is legally entitled to alimony. Unfortunately, this is often easier said than done when emotions are involved. Divorces can be fairly complicated, and many people are tempted to use alimony as a way of resolving hurt feelings.

This can lead to issues like one party asking for an abnormally high amount of money or offering an insultingly low amount. Alimony negotiations can further devolve if partners start slinging accusations at each other, engaging in name-calling or involving children in arguments. If you are worried that personal feelings may get in the way of fair alimony, consider hiring a mediator or working with a lawyer that has experience with these types of matters. This can help your negotiations proceed more fairly.

If you want a fair and satisfactory alimony negotiation, you need talented divorce lawyers on your side. The Law Office of Joanne Kleiner is here in Jenkintown to help with alimony and other parts of a divorce. Call (215) 886-1266 or fill out our online contact form to schedule a consultation now.

Alimony

Financial Considerations in an Amicable Divorce

Preparing for Divorce as a Non-working Spouse