When Pennsylvania couples are grappling with the decision of whether or not to divorce, one key consideration is how their financial lives will be affected. Divorce has a significant impact on a household’s finances, as income that supported one household must now support two. However, there are ways that individuals can protect themselves during this time.
It is important that each spouse have a good idea of his or her current financial state. In order to do this, spouses must gather all relevant documents concerning the spouses’ finances, such as bank account statements, credit card statements, balances due on liabilities and retirement account information. It is usually easier for a person to gather this information while still in the marriage and in the household. Some individuals may want to photograph their possessions if they think that they may get lost or unlisted in the divorce. Having this information can help dramatically with the asset distribution phase of the divorce.
Divorce is usually the most important negotiation of a person’s life. Assets have to be identified and divided. Spousal support may be at issue. Even the children are part of the negotiation. Some individuals make the mistake of fighting over every aspect of the divorce rather than only fighting for the things that really matter. Others simply want to end the process and sign an agreement that does not serve their interests. While getting out early in the process can save legal expenses, it is important that any agreement be carefully considered and the repercussions be known and accepted before the agreement becomes final.
Individuals going through the divorce may also wish to retain the services of a divorce lawyer. He or she may be able to help reach a divorce settlement and represent the client’s interests regarding litigated issues.