Kelly Family Law, PLLC

Kelly Family Law, PLLC PENNSYLVANIA FAMILY LAW ATTORNEY SERVING CHESTER COUNTY SINCE 1999.

If you decide to end your marriage, you'll need to address not only how to divide your assets, but how to split the debt...
10/26/2018

If you decide to end your marriage, you'll need to address not only how to divide your assets, but how to split the debt you and your spouse collectively owe. The debt side can be tricky, and husband and wife may have incurred the debt together, but refinancing or paying off a debt may not be an option. These are situations that can be dealt with during equitable distribution in Pennsylvania. Contingencies can be created to protect a party that must remain on a debt.

Even if a court order says your spouse must pay, your credit could be on the line.

Part of splitting with your spouse means taking care of debt that was incurred during the marriage. Pennsylvania is an ...
10/14/2018

Part of splitting with your spouse means taking care of debt that was incurred during the marriage. Pennsylvania is an equitable distribution state, and all debts are subject to assignment during the divorce process; the process is not a simple one, and debts are not just assigned based on who made them (or what name they are in). Many times debt may be in one spouses name, but the proceeds from the loan or credit card purchases went to the family. In some instances, refinancing the debt may not always be practical, and creative negotiations or resolutions must be explored.

How you handle debt during your divorce will affect the rest of your life. Here are some settlement tips to consider.

Child support is modifiable. When to request it can be a confusing question. This article lays some groundwork for dec...
10/11/2018

Child support is modifiable. When to request it can be a confusing question. This article lays some groundwork for decision making, but it uses terms such as "significant" and "considerable." These terms are best explained by an experienced family law attorney. An attorney should be able to approximate the effect that the financial change of circumstances would have on support payments made or received. Then an educated decision can be made. You may wish to delay filing for a modification until the circumstances change further.

Get helpful information and advice about reasons to modify your existing child support agreement, plus how to go about requesting a modification.

Prenuptial Agreements and Cohabitation Agreements do not sound like something you want to be troubled with; but, if you ...
10/04/2018

Prenuptial Agreements and Cohabitation Agreements do not sound like something you want to be troubled with; but, if you have assets or children prior to marriage, or if you are living together prior to marriage (whether or not you ever plan to marry), these agreements may help clarify what would happen if you ever break up. Many times, assets are not distributed by law in the manner that people think they are.

Each Monday we’re tackling one of your pressing personal finance questions by asking a handful of money experts for their advice. If you have a general question or money concern, or just want to talk about something PeFi-related, leave it in the comments or email me at [email protected]...

Many financial decisions must be made during a divorce, and these decisions can affect the lifestyle and security of the...
09/27/2018

Many financial decisions must be made during a divorce, and these decisions can affect the lifestyle and security of the parents and the children, if there are any. Retirement accounts will likely need to be distributed through a Qualified Domestic Relations Order, in order to minimize or eliminate taxes. Instruments like these are very complicated, and many times an accountant or other tax planner should be consulted for the tax implications. Additionally, many people will be affected by the new tax laws, especially those paying or receiving alimony.

In a divorce, you will be forced to make and accept decisions that have an impact on your financial security. Don't go into them uneducated and alone.

A prenup is a contract entered into prior to marriage. The content of a prenuptial agreement can vary widely, but it com...
09/25/2018

A prenup is a contract entered into prior to marriage. The content of a prenuptial agreement can vary widely, but it commonly includes provisions for spousal support and division of assets in divorce. If you have a prenuptial agreement or a postnuptial agreement, the new tax laws may have unintended consequences; you should have it reviewed by qualified family law attorney.

With the increasing complexity of marriage and divorce, clear communications of intentions documented in legal agreements can set up a marriage for success, save it in troubled times or make an unavoidable divorce simpler. Learn why to negotiate with your partner while on the same side of the table.

Among US adults ages 50 and older, the rate has roughly doubled since the 1990s, according to a Pew Research Center re...
09/19/2018

Among US adults ages 50 and older, the rate has roughly doubled since the 1990s, according to a Pew Research Center report. Divorce at this stage of your life can be less complicated, or it can be more complicated. Assets may be more plentiful, but there may also be grandkids in the mix. Additional factors need to be acknowledged; but with a review of all of the factors the process will go much more smoothly.

Separating from a partner may lead to unexpected consequences for your physical and mental health.

Things can get very complicated during a divorce, in your personal life as well as at the office. Plan ahead for the be...
09/17/2018

Things can get very complicated during a divorce, in your personal life as well as at the office. Plan ahead for the best and most smooth passage through this difficult time. Be sure to have legal counsel that is willing to work with you, and that you feel comfortable working with.

Take these five steps, and you may even come out on the other side professionally and financially ahead of where you were.

On top of the emotional toll, financial missteps during the process can leave you in worse shape than you intended or ...
08/30/2018

On top of the emotional toll, financial missteps during the process can leave you in worse shape than you intended or even anticipated. And the more intertwined you and your spouse's finances are, the more closely you'll need to pay attention while untangling them. This article is a good summary; you also really need to understand a QDRO (if a 401(k) or other retirement plan are involved) and what the implications of the custodian to any 529 plan might bring.

When it comes to divorce, avoid these costly mistakes at the negotiating table.

New alimony tax rules starting in 2019 will usher in changes for how divorcing parents on both sides may or may not use ...
08/27/2018

New alimony tax rules starting in 2019 will usher in changes for how divorcing parents on both sides may or may not use retirement accounts. This may affect how you negotiate a divorce settlement; especially, with regard to whether you want to be divorced by the end of calendar 2018. The deductibility of alimony payments will likely not be tax deductible for the person paying them; and, therefore, the recipient will not be able to deposit them into a retirement account (since they will no longer be earned income). These issues together with a Qualified Domestic Relations Order (QDRO) should be considered carefully by anyone in the process of being divorced.

New tax rules will change how alimony, including your retirement accounts, are treated.

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Exton, PA
19341

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Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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+14848999000

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