Pennsylvania parents who are going through the divorce process will still be co-parents for years to come. Therefore, they should work together for the sake of their children. This could include creating consistent rules across households; although, these may need to be very general since parenting styles might have been one reason for the divorce.
Divorcing couples in Pennsylvania may want to pay particular attention to changes in federal tax laws ushered in by the Tax Cuts and Jobs Act of 2017. These changes can have a particularly significant impact on wealthy couples with substantial incomes going through a high-asset divorce. Some people are acting as quickly as they can to finalize their divorces, as divorces completed on or before December 31, 2018 will not be affected by the changes, while others are working to develop creative solutions to the financial aspects of divorce for 2019 and beyond.
When people in Connecticut decide to divorce, they may face difficult financial times as well as some unexpected surprises. In one survey of 1,785 divorcing or divorced women, analysts found that nearly half of the respondents were surprised by the state of their finances during the divorce process. Younger women were more likely to face these kinds of shocks than their older counterparts and more likely to have left most financial decisions to their husbands during the marriage.
Emotional reasons and personal dissatisfaction usually prompt divorces in Pennsylvania, but the process of ending a marriage requires significant financial planning. People who are ending their marriages might reduce their stress somewhat by collecting and organizing their financial records as thoroughly as possible. Financial disclosures during a divorce will include bank statements, investment records, tax returns, retirement savings and loan documents. Obtaining credit reports from the three major credit bureaus represents another important task. People could save on legal fees by preparing this information for themselves.
Divorce can understandably be challenging both emotionally and financially. This is especially true if you and your soon-to-be ex have a large number of assets you need to split.
One of the major sticking points for many Pennsylvania former couples who are getting a divorce is custody of the children. While some parents can work together quickly to reach an agreement, the dispute can drag on for months or even years for others. However, it should be noted that the change in tax laws starting Jan. 1, 2019, can have an impact on how expensive it may be to have full custody of the children.