The decision to split may be an emotional one for couples. However, after the emotional decisions are handled, there are very detailed financial decisions that need to be made. Any Pennsylvania couple in the midst of divorce may find the process goes much smoother when there is a bit of organization in place. Being organized and having the proper documents in order can help set a tone of cooperation and preparedness for what is to come.
It is a good idea to make a list of assets. This goes beyond the amount of money in a bank account. Assets may include retirement accounts and money market accounts. Items such as collectibles and employee benefits are also considered assets that may be subject to division.
Outlining all liabilities is also a must. This can include everything from credit card debt, college loans and any mortgages too. When it comes to liabilities such as car loans, whoever agrees to take possession of a vehicle may typically expect to also take over the payments. Having a clear idea of monthly expenses may also help couples get a good idea of how the divorce and division of income and assets may affect their lifestyle.
The more documentation a party can acquire, the more accurate everything will be from the beginning of a divorce until resolution. Pennsylvania couples may find previous year tax documents to be a valuable resource when outlining income and also contacting insurance companies for policy amounts too. Gathering all of the paperwork and being organized as soon as possible can help both parties plan ahead and have a clear vision of what to expect.
Source: cnbc.com, Getting divorced? Get organized first, Valerie Adelman, March 9, 2014