Just about every divorce case involves a house and its corresponding mortgage. In a small number of cases parties agree that dissolution of the marriage is also an opportune time to downsize the residence, but in most situations, at least one of the parties wants to keep the residence, even if just, “for a while.”
The World of Missing Retirement Assets
We have heard about the data. In 2015, the Labor Department’s Bureau of Labor Statistics published a study indicating that the average worker could expect to hold 12 jobs during his/her career. More recently, another study indicates that among younger workers (ages 25-35), job changes are occurring once every 2.8 years.
Many of these jobs
Beware the Divorce Complaint with the Ticking “Bomb”
Divorce Complaints come in a variety of ways. Most lawsuits require delivery by people in patrol cars and uniforms. In the divorce world, things are a bit more “loose.” Your complaint can come by sheriff, or a constable without uniform, or by another adult. It can be sent by mail if a return receipt is
A Mortgage Foreclosure Primer
We have recently had inquiries about foreclosures. Given the current economic climate, this is probably going to become more common. The good news is that home prices are up, particularly in the Philadelphia suburbs. But for those who have a house that’s underwater (debt exceeds sales price less commission/transfer taxes) there are things worth knowing.
Defining Net Income for 2020 is Going to Be “A Problem”
I attended a seminar offered by accountant, Mitchell E. Benson, CPA, MT, CFF (Savran Benson LLP), Brian C. Vertz, Esquire (Pollock Begg) and Aliah Molczan (Savran Benson LLP) on July 9, 2020. One of the topics discussed was the Payroll Protection Plan (PPP) loans, which were distributed in the second quarter of 2020 to allow
COLLEGE DEBT & EQUITABLE DISTRIBUTION
When couples decide to end a marriage, the process involves division of the good (the assets) the bad (the liabilities) and the ugly (liabilities that exceed assets). Hearing officers whom we have spoken with report that they are seeing more cases where the controversies are ugly. A decade ago, the battles were typically about overleveraged
IS IT TIME TO PLAY THE BOUNCE?
Attorneys are not stock pickers and personal and anecdotal experience informs me that attorneys are not a reliable source of any investment advice. Nevertheless, we have many clients who have much of their wealth concentrated in just a few stocks and in a highly volatile market that can be a very dangerous thing. Truth is,
FINANCIAL INFIDELITY: CHAPTER 2
As I started this, it occurred to me that I had been to this topic before. Last April 19 I reported on a story published by PBS about spouses who accumulate debt in secret and then want to “share” the debt when the marriage collapses. The February 2020 issue of The Magazine of the American
FINANCIAL INFIDELITY: Don’t Let Your Spouse Make You A Victim.
As part of National Public Radio’s morning edition report for April 29, 2019, business correspondent Yuki Noguchi reported on a phenomenon we have witnessed, financial infidelity. Ours is an age where credit is available everywhere 24/7. Want to buy a power washer at 3 a.m.? Your friends at Amazon are not only prepared to take
Superior Court Deals Blow to “Dissipation” Theories in Equitable Distribution
A recent case published by the Superior Court gives us some insight into one issue which has thus far evaded appellate review and affirms in principle that alimony remains a secondary remedy and one which is awarded based upon need.
Core facts are:
Husband: 61
Wife: 56
Both employed in health care industry.
Husband’s net: