(PRWEB) July 11, 2012
The Law Firm of Pozzuolo Rodden, P.C. is making the announcement that it has finished it's first part of a two part series of articles discussing some of the basic elements of the financial aspects of divorce. Below is a a sample of the first couple paragraphs. If you would like to read more, please read the full article of "The Financial Dissolution of a Marriage Part I" at http://www.pozzuolo.com/Pubs_Newsletters.shtml
While everyone hopes their marriage will last forever, more than fifty (50%) percent of marriages end in divorce. When a couple separates they must begin to untangle the lives they so carefully built together, divide assets acquired during the marriage, social friends and make financial arrangements for themselves and their children. Typically the economic realities of divorce, including, but not limited to, temporary alimony known as alimony pendente lite or APL, alimony and child support can cause separating couples extraordinary stress and heartache. During the next two months this firm will explain in two parts the basics of dissolving the finances of a marriage to enable you to understand the legal process of divorce. The topics covered will be: 1) support and maintenance for the spouse and child(ren); and, 2) equitable distribution of marital assets. In Pennsylvania, the Divorce Code governs the dissolution of a marriage.
A. Alimony Pendente Lite
Alimony pendente lite (“APL”) refers to payments to be paid by one spouse to the other spouse (generally paid by the primary bread winner to the dependent spouse with less or no earnings) during the separation period and pendency of the divorce proceedings until a final decree of divorce is entered by the court. APL originally arose from the concept that a husband should support his wife throughout the marriage and that during divorce proceedings the marriage was still continuing. However, based on more modern ideals, either husband or wife may now apply for APL. Generally, the spouse who applies for and receives APL is not working or earns less.
A typical APL award is calculated as thirty (30%) percent of net income after deductions and child support for a paying spouse who also pays child support. When there is no child support order being paid by the paying spouse, this percentage increases to forty (40%) percent of net income. From an income tax perspective, APL is deductable from the taxable income of the paying spouse and reported as income and taxed to the receiving spouse. In Pennsylvania, either party to a divorce action can withhold his/her consent to divorce for two (2) years from the date of separation which allows the dependent spouse to receive APL during this two (2) year period and thereafter until a divorce decree is entered. The duration of APL depends on the facts of a given case. If the parties reach an agreement and consent to a divorce, the paying spouse may be required to pay APL for less than two (2) years....
If you would like to read more, please read the full article of "The Financial Dissolution of a Marriage" at http://www.pozzuolo.com/Pubs_Newsletters.shtml
This press release was provided by Pozzuolo Rodden, P.C. which provides specialized cost-effective legal services to privately held business owners and high-net-worth clients in Pennsylvania and New Jersey in excess of 35 years.
Pozzuolo Rodden, P.C.
Counselors at Law
2033 Walnut Street
Philadelphia, PA 19103