When a Pennsylvania company's owners have a falling out, it can be an incredibly stressful time for an organization of any size. However, it can be just as difficult when the owners are married and their relationship is coming to an end. The worst may be when a couple starts a business together and then they split up.
Pennsylvania families who are concerned about protecting their children's business interests in a divorce from future spouses may want to look at trust options. However, a trust will not solve the issue of dividing a business if a couple owns one together and gets a divorce. One may be unable to buy the other out because most of their assets may be tied up in the business. If a couple has a prenup in place, that might cover the process, but if they do not, there are other options. A buy-sell or buyout agreement prepared before the wedding might be an alternative to a prenup.
Pennsylvania couples might wish to take precautions to protect themselves in the event a marriage fails. It is important to understand what constitutes joint and separate property while safeguarding assets when possible.
Pennsylvania couples who are getting a divorce might make costly mistakes if they do not have a good grasp of their finances. They may think primarily of dividing assets in terms of things like their vehicles, their home and their bank account, but other aspects of property division might be more complex.
Pennsylvanians who follow the show "Flip or Flop" may have heard that its stars, Christina and Tarek El Moussa, are divorcing. While it is rumored that the show will end after the pair film the last few episodes under their contract, reports indicate that nothing has been finalized.
The fact that divorce has become more acceptable in recent years may be one of the reasons that couples with long marriages are more frequently calling it quits. Additionally, issues such as empty nest syndrome may be creating voids in the lives of the elderly, leaving couples at odds and finding little in common. A Pennsylvania couple finding themselves in this situation should be proactive as divorce proceedings are initiated.
Pennsylvania residents who divorce after 10 or more years of marriage might be able to draw on their spouse's Social Security benefits after retirement. However, there are a few limitations. They can only draw on up to 50 percent of the spouse's benefits, and they can only do so if their spouse's benefits are greater than their own would be. They also cannot be remarried although if they remarry and they divorce again or their spouse dies, they can draw on the previous spouse's benefits. They can begin drawing on their former spouse's benefits even if the other spouse has not done so yet, but it must be at least two years since the divorce.
Pennsylvania is one of 28 states that have legalized the use of marijuana for medical purposes, and the recreational use of the drug was approved by voters in California, Maine, Nevada and Massachusetts on Nov. 8. However, cannabis remains a Schedule I drug under the 2012 Controlled Substances Act, and the success of several marijuana-related ballot measures has prompted the Federal motor Carrier Administration to release a statement clarifying its position on the drug.
Pennsylvania residents who are going through a divorce may be concerned about dissipation of assets. This occurs when one spouse wastes assets in an effort to keep the other spouse from receiving their fair share of marital property. It might be done through spending money on a new partner, gambling or some other means. While the amount spent might be relatively trivial for high-earning individuals who know they can earn the money back after divorce, for people who have not worked outside the home in years, that share of the marital assets could be crucial in getting on their feet financially after the divorce.
Financial issues that a spouse brings into a marriage can be a significant contributing factor in ending a marriage. Any Pennsylvania resident who is considering getting married should understand the importance of discussing financial matters before marrying his or her spouse.