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:
Misunderstanding Between Lawyer and Expert Results in Breach of Contract and Unused Report
Experts and their reports can be an expensive, but necessary, element to many types of cases. This is particularly true in divorce cases, whether they are personal or business divorces. In all cases, it is incumbent on the attorney, client, and expert to all have the same understanding of the scope of the work and
Modifying Unmodifiable Agreements
A standard provision in most written agreements establishes that no modification of the agreement shall occur unless the parties do so in writing (and usually notarized to avoid fraud). Recently, however, I confronted the issue as to whether or not a party may make a valid oral modification of a provision of an agreement. In
Calculating Value Increase in Real Estate During Marriage – The Debt Reduction Side
Hopefully all of us know that Pennsylvania is an “increase in value state” meaning that under Section 3501(a) of the Divorce Code, the increase in value of non-marital assets during marriage (to final separation) is a marital asset subject to division. There are two sides to this equation in cases where a spouse brings a
Equitable Distribution Orders are Not Judgments
Recently, a case came before the Superior Court addressing the question as to whether a party has the right to charge interest on unpaid portions of an equitable distribution award. In Raines v. Raines, 2016 PA 227 (Superior Court), the basic facts are that husband and wife divorced and the recommendation of the