Laura Robbins Law, L.L.C.Laura Robbins Law, L.L.C.2024-03-11T18:23:36Zhttps://www.laurarobbinslaw.com/feed/atom/WordPressOn Behalf of Laura Robbins Law, L.L.C.https://www.laurarobbinslaw.com/?p=503362024-03-04T19:23:43Z2024-03-11T18:23:36ZBest interests of the child
The primary consideration in custody decisions is the best interests of the child. The court strives to create custody arrangements that will promote the minors's happiness, security and overall well-being. Before making a decision, the court evaluates certain factors, such as the kid's age, emotional needs and relationship with each parent.
Stability and continuity
Maintaining stability and continuity in the child's life is important. Courts may favor the parent who can offer a consistent routine, a stable home environment, and continuity in the minor's education and social connections. This ensures that the kid can adapt and thrive post-divorce.
Relationship with parents
The court examines the relationships between the adopted child and each parent. It considers the ability of each parent to meet the youngster's emotional needs and foster a positive and supportive relationship. Judges may assess the willingness of each parent to encourage the child's relationship with the other parent.
Child's wishes
The court may take into account the child's wishes, depending on their age and maturity. While the final decision rests with the court, understanding the child's preferences helps in creating a custody arrangement that respects their feelings and desires.
Determining child custody for an adopted child is a delicate process that aims to safeguard a kid's well-being during a challenging time for the family.]]>On Behalf of Laura Robbins Law, L.L.C.https://www.laurarobbinslaw.com/?p=503342024-02-21T02:14:34Z2024-02-27T02:13:41ZMistake 1. Not understanding the financial picture
In marriages with considerable resources, one partner often handles the finances. The spouse not controlling the pocket strings needs a clear, unbiased overview of the money situation. This means knowing about all the couple's assets, debts, income and expenses. Collecting statements and other pertinent records can help with this challenge.
Mistake 2. Underestimating the value of non-liquid assets
High-asset divorces usually involve more than just cash in the bank. They consist of properties, businesses, investments and even collections of artwork or memorabilia. It is easy to undervalue the worth of these items. Nonetheless, they often represent a significant portion of the marital wealth and require accurate appraisal.
Mistake 3. Forgetting about taxes
The division of assets concerns not only their current value but also their future tax implications. Certain assets, such as retirement accounts, have particular tax ramifications. Failing to consider all the consequences can result in unexpected tax liabilities, potentially altering the settlement's fairness.
Mistake 4. Not considering long-term needs
It is easy to focus exclusively on immediate financial concerns during a divorce. However, one must think about the future as well. Issues including health insurance and cost of living adjustments are highly relevant.
Mistake 5. Letting emotions guide decisions
High-asset divorces can become battlegrounds where feelings run high. All sides should check their behavior. Acting out of spite often leads to counterproductive choices.
Avoiding these errors sets the stage for a less stressful and more amicable divorce process. A savvy approach means better odds of a result both sides can live with.]]>On Behalf of Laura Robbins Law, L.L.C.https://www.laurarobbinslaw.com/?p=503322024-02-05T19:15:04Z2024-02-12T19:14:57ZDivision of assets and alimony
During a high-asset divorce, the division of property and assets can have significant tax implications. It is important to understand that transferring assets between spouses may trigger tax liabilities. For example, selling stocks or real estate can result in capital gains taxes, while transferring retirement accounts may incur early withdrawal penalties and taxes.
Alimony, also known as spousal support or maintenance, is a common aspect of divorce settlements. It is necessary to note that the tax treatment of alimony payments has changed in recent years. The Internal Revenue Service states that prior to 2019, the paying spouse could deduct alimony payments, while the receiving spouse included them as taxable income. However, alimony payments made after 2018 are no longer tax-deductible for the payer, and recipients no longer include them as taxable income.
Property transfers and retirement accounts
Generally, transfers of property incident to divorce are tax-free, meaning they do not trigger immediate tax consequences. However, it is important to keep accurate records of the transfer to establish the cost basis when selling the property in the future, as this can impact capital gains taxes. Also, dividing retirement accounts requires careful consideration. Early withdrawals from retirement accounts generally incur taxes and penalties. However, through a qualified domestic relations order, spouses can transfer retirement assets without immediate tax consequences.
High asset divorces can have far-reaching repercussions, and taxes are an integral part of the equation. By staying informed and proactive, those going through a high-asset divorce can navigate the tax landscape with greater confidence.]]>On Behalf of Laura Robbins Law, L.L.C.https://www.laurarobbinslaw.com/?p=503292024-01-23T01:54:38Z2024-01-30T01:53:45ZPet ownership
One of the first things courts want to know is if the pet came into the marriage with one of the spouses or after it. In the former case, the pet remains with the owner as separate property. In the latter, he or she goes through the same distribution process as houses or bank accounts. Judges may take into account who purchased the pet or has ownership papers, especially if the pet is an expensive purebred. If the pet is marital property and is worth a substantial amount, judges may factor in his or her value when splitting the estate.
Pet interests
While not a requirement, some judges consider what is in the pet's best interests. They may look at who was the primary caregiver or who primarily paid for food and vet expenses since they want to put him or her with the partner who cares. They may also favor the spouse with the time, space and money to give the pet a decent life.
Children interests
Since judges do need to consider children's best interests, if minor children have an emotional attachment, it may affect the pet's placement. If removal of the animal can cause emotional or mental damage or its presence may ease adjustment, courts may place it with the primary custodial parent.
According to Zebra, over 60% of Pennsylvanians have a pet of some sort. Pets are an important part of life for many. While legally they are property, judges may treat them with this in mind, and the splitting spouses themselves can mediate and come to a custody agreement on their own.]]>On Behalf of Laura Robbins Law, L.L.C.https://www.laurarobbinslaw.com/?p=503272024-01-16T19:09:03Z2024-01-16T19:09:03ZMutual consent
A no-fault divorce can occur if both parties agree that the marriage is irretrievably broken. Mutual consent is the key to a no-fault divorce because it does not allow for placing blame on each other.
Both spouses must file an Affidavit of Consent to affirm their agreement to the divorce. This documents the understanding of the irretrievable breakdown of the marriage. It also consents to proceeding with the divorce process.
Waiting period
A key requirement for a no-fault divorce is the completion of a mandatory waiting period. The state imposes a waiting period of at least 90 days from the service date of the divorce complaint. The waiting period allows spouses to contemplate their decision.
Resolution of issues
Couples must also resolve all financial issues. These issues include the division of marital property, alimony and child custody and support. The couple must file a properly drafted Marital Settlement Agreement. This legal document outlines the agreed-upon terms of the divorce. It also can contribute to
A no-fault divorce in Pennsylvania is simply an agreement between a couple to end the marriage with no issues. It simplifies the situation and can help to make the divorce move more quickly. Plus, it can contribute to making the process more respectful and cooperative.]]>On Behalf of Laura Robbins Law, L.L.C.https://www.laurarobbinslaw.com/?p=503252024-01-02T23:21:54Z2024-01-02T23:21:54ZCase-by-case consideration
It is important to realize that the primary focus of any child custody decision is the best interests of the child. When a parent has a criminal conviction, the court carefully assesses the nature and severity of the offense. The judge will weigh its impact on the child's safety and well-being.
Type of conviction
Convictions for violent crimes may lead the court to question a parent's ability to provide a safe and nurturing environment. The court may prioritize the child's safety and opt for arrangements that minimize exposure to potential harm.
Substance abuse-related convictions may lead the court to impose restrictions or conditions on custody arrangements to ensure the child's safety. The court assesses the potential impact of a parent's substance abuse on their ability to care for the child.
Convictions involving sexual crimes can be very damaging for a parent, especially if the charges involve children. The court must protect the child in the custody case, so a conviction of such a crime can seriously hinder the parent's ability to have unrestricted time with the child.
Rehabilitation efforts
The court also considers the parent's rehabilitation efforts and commitment to addressing any issues stemming from the criminal conviction. Demonstrating rehabilitation, such as completing counseling or substance abuse treatment programs, can positively influence the court's perception of a parent's ability to provide a stable and secure environment for the child.
A criminal conviction may impact child custody decisions by the court. The main idea is to determine if the criminal past of the parent would create a dangerous, unstable or unsafe environment for the child. If so, then the conviction will likely lead to decisions that limit the parenting time of that parent.]]>On Behalf of Laura Robbins Law, L.L.C.https://www.laurarobbinslaw.com/?p=503232023-12-16T21:15:54Z2023-12-16T21:15:54Z1. Lack of full financial disclosure
Pennsylvania has 5.4 marriages and 2.4 divorces per 1,000 people. For couples with prenups, one element of the agreement's validity is the complete disclosure of financial information by both parties. Failure to provide accurate and transparent details about assets, debts and income may raise doubts about the fairness of the agreement. Courts may consider such omissions as grounds for invalidation.
2. Coercion or duress during the signing
Pennsylvania law emphasizes voluntary consent when entering into a prenuptial agreement. If one party can demonstrate that they signed the document under duress or coercion, this could invalidate the agreement. Situations involving undue pressure, manipulation or threats can undermine the voluntary nature of the agreement, casting doubt on its legitimacy.
3. Unconscionable terms
Courts in Pennsylvania scrutinize the terms of prenuptial agreements to ensure they are fair and not unconscionable. If the terms of the agreement are excessively one-sided or grossly unfair to one party, it may be unconscionable and, consequently, invalid. The court's primary concern is to prevent situations where one spouse has an unjust and inequitable outcome.
4. Public policy considerations
Pennsylvania courts may invalidate prenuptial agreements that violate public policy. For example, courts may closely examine clauses that attempt to waive or limit spousal support or child custody arrangements.
Couples should approach the creation of these agreements with careful consideration.]]>On Behalf of Laura Robbins Law, L.L.C.https://www.laurarobbinslaw.com/?p=503202023-12-13T22:00:43Z2023-12-13T22:00:43ZProfessional appraisal services
Jewelry appraisers can evaluate the quality, rarity and market value of jewelry items such as bracelets, necklaces, earrings and rings. Certified appraisers can offer a fair and unbiased assessment. This provides a credible basis for negotiation or litigation.
Market conditions and trends
The ever-changing landscape of the jewelry market significantly impacts valuation. High-asset divorces demand a keen awareness of current market conditions and trends. Factors such as fluctuations in precious metal prices, gemstone demand and consumer preferences play a role. The U.S. jewelry market was worth about $71.9 billion in 2021 and should grow through at least 2030.
Inheritance and gift considerations
Jewelry acquired through inheritance or as a gift adds a layer of complexity. Pennsylvania's equitable distribution principle acknowledges the potential exclusion of such items from marital assets. However, the appreciation or depreciation of inherited or gifted jewelry during the marriage may still contribute to the overall assessment.
Documentation and authentication
Comprehensive records detailing the purchase date, receipts and any relevant certifications enhance the credibility of the valuation process. Records aid in avoiding disputes over the provenance and value of the jewelry assets.
Depreciation and maintenance
The wear and tear on jewelry throughout a marriage may impact its value. Regular maintenance and care can preserve the condition of jewelry, while neglect may lead to depreciation. Pennsylvania courts consider the current state of the jewelry when determining its value, emphasizing the importance of factoring in maintenance and wear.
Hidden assets and financial disclosure
Failure to disclose assets, including jewelry, can have legal consequences. Transparency may require a thorough review of financial records and an exhaustive jewelry inventory. This ensures an accurate representation of the marital estate and prevents the unjust enrichment of either party.
Valuing jewelry in high-asset divorces in Pennsylvania demands a multifaceted approach for fair and equitable distribution of marital assets.]]>On Behalf of Laura Robbins Law, L.L.C.https://www.laurarobbinslaw.com/?p=503172023-11-28T01:21:11Z2023-11-28T01:21:11ZFinancial prudence in matrimony
Beyond the legal implications, prenuptial agreements encourage couples to confront potential challenges head-on. They foster a foundation of trust and communication. These agreements can be tools for developing an informed partnership. They also emphasize the importance of financial planning in marriage. While prenups were rare in the past, usage is growing. Recent polling shows that 15% of married couples have signed a prenuptial agreement and nearly half of all U.S. adults support their use.
Protect pre-marital assets
Prenuptial agreements safeguard individual assets acquired before the marriage. These agreements protect against the division of pre-existing wealth by defining separate property. This provides a level of security that can be important in high-asset divorces.
Clarity in spousal support and alimony
In high-asset divorces, prenuptial agreements offer clarity on the often contentious issues of spousal support and alimony. Establishing predetermined terms, such as amounts, duration and conditions, these agreements reduce uncertainty. This may help couples avoid prolonged legal battles and emotional turmoil.
Complex financial holdings
High-asset divorces are financially intricate. They may include multiple properties, investments and businesses. Prenuptial agreements proactively determine how parties will divide or maintain assets. This streamlines the divorce process and minimizes the financial and emotional toll on both parties.
It is important to note that prenuptial agreements are subject to scrutiny by the courts. The court may deem the agreement invalid or unenforcible if they find it to be unconscionable, incomplete or reached under duress.]]>On Behalf of Laura Robbins Law, L.L.C.https://www.laurarobbinslaw.com/?p=503152023-11-08T19:40:59Z2023-11-08T19:40:59Z1. Property division
In a gray divorce, the equitable division of assets can be a complex process. Pennsylvania is an equitable distribution state, meaning that the distribution of marital property is fair though not necessarily equal. Assets acquired during the marriage are typically subject to division, which may include real estate, retirement accounts and investments.
2. Retirement accounts
The division of retirement accounts like 401(k)s and IRAs is an integral part of a gray divorce, and it can have long-term financial implications. The courts may order the division of retirement benefits acquired during the marriage, and understanding the tax consequences and future financial security related to these accounts is important.
3. Social Security
Gray divorce can affect your eligibility for Social Security benefits based on your spouse's work record. If married for at least 10 years and now divorced, you may be eligible for spousal benefits, which can be a vital source of income in retirement.
4. Health insurance
The cost and availability of health insurance can be a significant concern for older individuals going through a divorce. If you had coverage under your spouse's health insurance plan, you may need to find an alternative insurance, which can impact your monthly expenses.
Although Pennsylvania had a relatively low divorce rate of 2.4 divorces per population in 2021, not all marriages stand the test of time. For older couples divorcing, it is important to consider the added financial aspect to help ensure a stable future.]]>