After years spent building a fortune and legacy with a spouse, it can be painful to divide the assets if and when the marriage comes to an end. A wealthy Pennsylvania couple that share ownership of a business or other investments may find it difficult to determine a fair division of their marital property. Recently, Paul Hogan and his wife Linda Hogan agreed on a settlement regarding their own high-asset divorce.
Putting the words divorce and taxes into the same sentence may make some Pennsylvania residents cringe. However, taxes are an important consideration when negotiating a divorce settlement. The parties may have been living apart for months, but according to the IRS, as long as no final decree has been filed, a couple is still married for tax purposes.
No matter who brings up the subject, both parties to a divorce are going to have many issues to deal with before it's all said and done. Anyone in Pennsylvania that is getting a divorce may benefit from making some preparations before going to court or starting divorce settlement negotiations. Then there are some preparations that can be made during the process.