In 2008, a married couple started a vegan ice cream business. It was a hit, attracting a faithful clientele that included the former wife of Paul McCartney. The couple's subsequent divorce in 2012 may offer some insight to Pennsylvania readers about the importance of addressing a family business when property division is being negotiated.
Many times, when couples confront divorce in Pennsylvania, they focus on commonly identified issues such as asset division, spousal maintenance and child custody. Yet many couples may not give much thought to other realities of divorce; namely, that they will both be living with the benefit of only one primary income. A divorce can lead to unexpected expenses, ranging from additional taxes to added insurance costs, retirement plan contributions and even how much a membership at the local gym will be.
According to the National Endowment for Financial Education, nearly one third of all adults in the United States admit to being deceptive with their spouse or partner about their shared finances. Almost 60 percent acknowledge they have hid cash or assets, while others admit keeping quiet about a small purchase (54 percent) and still others have stowed away a bill from their partner (30 percent). More than one third freely admit they have lied about how much money they make, how much money they have and/or how much money they owe. It is perhaps no wonder, then, that couples might think of lying when it comes to divorce proceedings.