Do you Understand the Implications of Marita Taxes and How it Effects Your Divorce? l

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The information contained in this blog is for educational purposes only and is not legal advice. The use of this blog does not create an attorney/client relationship between you and the Law Offices of Wallitsch & Iacobelli. If you are considering separation or divorce, or if you are involved in any legal matter including, but not limited to present divorce proceedings, custody proceedings, or support proceedings, or any other legal matter, you should seek formal legal advice and would strongly urge you to retain an attorney.

Do You Understand the Implications of Marital Taxes and How it Effects Your Divorce?

As the expression says, “haste makes waste.” In the case of a divorce, haste can make waste of your finances, particularly if tax implications are not considered before a divorce is finalized. Everything from the division of assets, to alimony and child support, investment accounts and savings bonds come with not only out-of-pocket expenses born from a divorce, but future impacts as well when tax scenarios figure into the equation. What appears to be an equitable distribution to the untrained eye could actually be quite inequitable when taxes and liquid versus non-liquid assets are considered. To ensure you are receiving a fair share of the marital assets–while limiting your future financial tax impact–consider a Green Divorce. The law firm of Wallitsch & Iacobelli has expertise in this cost-effective, non-toxic manner of dissolving a marriage. The firm’s attorneys are seasoned professionals who understand the importance of examining all aspects of a family’s finances and taxes. Each divorce and asset split is unique. That is why it is necessary to seek a law firm with a proven track record in legal matters related to income taxes. A partner in the Allentown firm of Wallitsch & Iacobelli, attorney Abele Iacobelli practices tax law and uses his expertise to ensure his clients receive an equitable split at the time of their divorce as well as in the future.

What Color is Your Divorce?

If marriage had distinct colors, they would probably be hues of reds and pinks to denote the love and excitement for a new life together. But, what about divorce? What colors would you associate with the same couple who are no longer in love and instead of celebrating a life together, are reveling in the thought of a life apart? Divorce, like marriage, is filled with emotions. Similar to how the reds and pinks once signified love, those shades, in a divorce, can denote anger, embarrassment and frustration. Those feelings can heat up, boil over and lead to a long, drawn-out–and costly–divorce dispute.With divorce rates continuing to hold steady at approximately 40 to 50 percent of marriages ending in legal separations, according to DivorceRate.org (http://www.divorcerate.org/), the possibility of divorce must be a consideration. Nowadays, divorce is seemingly becoming a trendy way to say good-bye to a long-time spouse as more and more baby boomers are divorcing. According to a recent article in the Miami Herald (http://www.miamiherald.com/2013/04/05/3325740/boomers-leading-charge-on-gray.html), this population now represents one in four people getting divorced.Parting ways with a spouse is not simply a matter of being angry or being a baby boomer. Divorce, like life, is filled with a spectrum of colors and emotions. Those fearful about how the separation could impact child rearing and finances may be in the throes of a yellow divorce, while someone saddened by the death of the marriage dream could be contemplating a blue divorce.  Unlike choosing colors for a wedding, divorce colors can be toxic, expensive, cumbersome and detrimental to an individual’s wellbeing and potentially their children too.Regardless of which color aligns with your separation and impending divorce, Green Divorce is the most cost-effective approach to parting ways. Instead of fighting over alimony, child support and asset distribution, spouses seeking a Green Divorce mediate instead of litigate.

Attorney Nancy Wallitsch, a certified mediator who practices matrimonial law, understands the importance of moving beyond the “win/lose” outcome of traditional divorces fought out in the court system. Instead of continuing the fight, Ms. Wallitsch, a seasoned attorney of nearly three decades, helps her clients–through her Green Divorce approach–find compromises, allowing both parties to move on with their lives as quickly as possible. Particularly in light of the economy, Green Divorce is the most economical way to end a marriage. Those still fighting it out in a red divorce will be green with envy.

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