For many single parents in Ohio, child support can be critical to covering the basic educational and medical needs of their children. These funds often help parents to make ends meet, and contrary to stories about high-profile celebrity cases, the funds that they receive are often the bare minimum. The U.S. Census Bureau tracks facts about child support across the country, and the results may be surprising to many. Among the statistics maintained by the bureau are the number of single parents receiving child support, how much is owed and how much is actually paid each year.
Whether a couple in Pennsylvania has already saved money for their children's college education or not, the decision to divorce could impact the ability to pay. The marital income that once covered the costs of one household will switch to paying for two households. In addition, judges will prioritize child support for minor children or spousal support above setting aside money for college. However, parents can work with financial advisers to build an educational payment plan.
Pennsylvania marriages that start off with the husbands and wives in more traditional roles and then shift to situations in which the wife earns as much or more than her husband may be less stable than those that began on equal footing in the first place. This was the finding of Swedish researchers who looked at the effect of career success on women in marriages.
Pennsylvania residents may think about celebrities and business magnates when prenuptial agreements are mentioned, but these documents are also often signed at the request of wealthy parents who want to protect family fortunes. Prenuptial agreements can strengthen relationships by removing uncertainties over money, but they should be approached with care. Discussions about important financial matters can turn into vitriolic arguments when these issues are handled less than diplomatically, and resolving things amicably may be impossible once emotions have been roused and tempers have flared.
As you and your spouse go through your divorce proceedings, you will have many decisions to make. Hopefully, you will be able to arrive at agreeable terms for many of those issues without stressful disputes that can further break already damaged relationships.
The private owner of a business in Pennsylvania will encounter challenges when dividing assets during a divorce. The valuation of a business generally requires an assessment by an appraiser knowledgeable about business accounting. The final figure assigned to the business could influence settlement distributions and child or spousal support amounts.