Becoming a grandparent can completely change a person’s outlook on life. These little bundles of joy can make even the roughest and toughest personality soft and loving. Grandparents often go out of their way, bending over backward, to spoil their grandchildren rotten, and along the way, they create a strong and lasting bond. Unfortunately, there are circumstances that may cause these relationships to become fractured.
Are My Alimony Payments Tax Deductable?
Most Pennsylvania spouses who are paying alimony are not entirely excited by the idea. Even if you can understand the logic behind the court’s decisions — or if you can see why the law requires it — alimony payments can feel like a significant financial burden.
How are Child Support Payments Treated on My Income Taxes?
Let’s say you recently got divorced from your spouse of 15 years with whom you have three children, ages five, seven and nine. Since your spouse received full custody and you are considered the noncustodial parent, a Pennsylvania family law court ordered you to pay $1,000 each month in child support. This is a significant financial burden, and you’re probably wondering if you can receive any kind of tax benefit for making these payments.
Common Misconceptions Related To Child Custody In Pennsylvania
The best interests of your child should always be your top priority when it comes to child custody. It should not be about the mother or father, but rather about what is best for your child. There are a variety of sayings, myths, and wives tales about child custody that are not true. However, they remain in circulation and continue to contribute to the confusion.
You Can Be In Love And Still Get A Prenuptial Agreement
There is a belief that a prenuptial or premarital agreement is in some sense asking a marriage to fail, or else it shows that the two people marrying are sure it won’t last. After all, why else would you sign a contract before marrying that will only take effect if you get divorced? If everything goes well and the married couple sticks together, there’s no need for a prenuptial.
But this question can be answered with another question: why bother buying home insurance, or auto insurance? If everything goes well, you’re just wasting your money. Why buy health insurance when you can just stay healthy? And why save up for your retirement when you can just keep working until you die?