When a married couple decides to separate, they may be essentially going from a two income family to a one income family. The costs incurred during a divorce under the most amicable of circumstances, and the financial reality of parting ways in Pennsylvania, can be a time of great confusion and upheaval. This financial distress can make the process much more complicated unless both parties are adequately prepared for the financial changes to come.
One recent news report gives tips on how both parties may avoid financial confusion or worry about threats of financial ruin by the other party. Knowing the current laws about property division can prevent one spouse from instilling unnecessary fear in the mind of the other spouse. It is also helpful for both parties to gain an understanding regarding what constitutes marital property. Knowing the current status of retirement accounts and other assets is also a good idea.
Divorce can be an extremely emotional time and lead individuals to say and do things they normally wouldn’t, including using threats of financial ruin. Knowing how to put emotions aside and resolve issues reasonably and according to current law can help both spouses avoid further turmoil and fear about the future. Having the necessary assistance in place to help decipher fact from fiction and keep the parties focused on moving forward can also be of great benefit.
Each Pennsylvania divorce is unique and typically requires careful insight and guidance. Regardless of the circumstances, level of assets or income category involved, the process of property division in Pennsylvania can be resolved amicably. Both parties may benefit from being forthcoming about assets, income and other matters so they can each prepare for the changes to come.
Source: Forbes, How To Cope With Your Husband’s Financial Threats During Divorce, Jeff Landers, Jan. 8, 2014
