Pennsylvania Law Monitor : Pennsylvania Lawyer & Attorney : Stark & Stark Law Firm : Yardley, Philadelphia, New York, New Jersey

This is part 4 of an 8 part series with Henry E. Van Blunk, Shareholder in Stark & Stark'sBusiness & Corporate Group, and Elizabeth Bloomer Nesvold, Managing Partner at Silver Lane Advisors. In this installment Mr. Van Blunk and Ms. Nesvold will discuss price negotiations. 

Transition Planning - Part 4 from Stark & Stark on Vimeo.

• Email This
• Print
• Share Link

In Pennsylvania, including Bucks County, marital property is subject to “equitable distribution.”  Equitable distribution does not mean equal.  Also, despite common belief, there is no presumption of a 50% - 50% distribution.  The Court will consider the following factors in determining the distribution of the marital assets:

1. The length of the marriage.
2. Any prior marriage of either party.
3. The age, health, station, amount and sources of income, vocational skills, employability, estate, liabilities and needs of each of the parties.
4. The contribution by one party to the education, training or increased earning power of the other party.
5. The opportunity of each party for future acquisitions of capital assets and income.
6. The sources of income of both parties, including, but not limited to, medical, retirement, insurance or other benefits.
7. The contribution or dissipation of each party in the acquisition, preservation, depreciation or appreciation of the marital property, including the contribution of a party as homemaker.
8. The value of the property set apart to each party.
9. The standard of living of the parties established during the marriage.
10. The economic circumstances of each party, including Federal, State and local tax ramifications, at the time the division of property is to become effective.
11. Whether the party will be serving as the custodian of any dependent minor children.

Lastly, contrary to popular belief, fault is not a consideration in the division of the property.  Thus it does not matter why the marriage ended (i.e. one party had an affair or abandoned the home.)  Marital misconduct could, however, become relevant in equitable distribution if one spouse dissipated assets for the benefit of the third party (such as vacations, purchase of jewelry, ect.)   

• Email This
• Print
• Share Link

The majority of organizations that are exempt from federal income tax are required to file Form 990 or a similar form on an annual basis. Previously, small tax exempt organizations were not required to file Form 990 or a variation thereof. The Pension Protection Act of 2006 requires that non-profit organizations that do not file Form 990 (or a variation thereof as required for that type of organization) for three consecutive years automatically lose their federal tax exempt status.

The returns are due by May 15th of the year following the year for which reporting is due for those organizations that are on a calendar year reporting cycle. Many tax exempt organizations fail to file the required Form 990, and, if this is the third year of such failure, the tax exempt organization will automatically lose its tax exempt status.

It is strongly recommended that you check to ensure that your tax exempt organization is filing Form 990, and filing it on time (typically by May 15th) each and every year to avoid losing its tax exempt status. Due to the time and expense necessary to prepare and file a new application for tax exemption, most organizations cannot afford to let their exempt status terminate.

• Email This
• Print
• Share Link

In this video, R. Tyler Tomlinson, member of Stark & Stark's Accident & Personal injury group, addresses the issues people will face after they have been involved in an automobile accident, such as: compensation for property damage, medical bills, lost wages, pain and suffering and insurance questions.

Motor Vehicle Accidents in Pennsylvania - Part 1 from Stark & Stark on Vimeo.

• Email This
• Print
• Share Link

 This is part 3 of an 8 part series with Henry E. Van Blunk, Shareholder in Stark & Stark'sBusiness & Corporate Group, and Elizabeth Bloomer Nesvold, Managing Partner at Silver Lane Advisors. In this installment Mr. Van Blunk and Ms. Nesvold will discuss fee pricing and structure.

Transition Planning - Part 3 from Stark & Stark on Vimeo.

• Email This
• Print
• Share Link

In this video, Christopher M. Pyne, Chair of Stark & Stark's Motorcycle Group,discusses the need for an attorney if you or a loved one is ever injured in a motorcycle accident. Mr. Pyne reviews the aspects of a case many people may not be familiar with, such as coverage for your medical bills and the differences between automobile and motorcycle insurance policies.

Motorcyle Law - Part 1 from Stark & Stark on Vimeo.

• Email This
• Print
• Share Link

Pennsylvania Law starts with the presumption that all real or personal property acquired by either party during the marriage is marital property regardless of how it is titled.   Marital property also includes the increase in value (during the course of the marriage) of any non-marital property.
The Court is thus more concerned with when the property was acquired rather than how the property is titled.

The presumption can be overcome if the property falls into one of the following statutory categories:

1. Property acquired prior to the marriage or property acquired in exchange for property       acquired  prior to the marriage;
2. Property excluded by valid agreement of the parties entered into before, during, or after the marriage;
3. Property acquired by gift, except between spouses; bequest; devise; or descent, or       property acquired in exchange for such property;
4. Property acquired after final separation until the date of divorce except for property                   acquired  in exchange for marital assets;
5. Property which a party has sold, granted, conveyed, or otherwise disposed of in good faith and  for value prior to the date of final separation;
6. Certain Veterans’ benefits;
7. Property to the extent to which such property has been mortgaged or otherwise                       encumbered in good faith for value, prior to the date of final separation;
8. Any payment received as a result of an award or settlement for any cause of action or     claim which accrued prior to the marriage or after the date of final separation regardless of when the payment was received.

 
Property which is not marital property is often referred to as “separate property” or “nonmarital property.” The court only has authority to equitably divide marital property at the time of equitable distribution.

• Email This
• Print
• Share Link