Whenever there is a marital separation, the emotional implications are also coupled with financial challenges and changes. When a couple marries and has considerable wealth from the onset, there may be a prenuptial agreement in place to ensure fairness in the event of a divorce. However, if the bulk of the wealth was accumulated during the marriage, Pennsylvania couples may find it more difficult to handle financial matters during a divorce.
One vital tip is to explore other options of deciding how to deal with finances. Whether through direct negotiations or working through mediation to decide on financial matters, doing so before a divorce heads to court can help ensure some privacy. Once the matter needs court intervention, the details of a couple’s financial holdings can become public, depending upon the jurisdiction where the divorce was obtained.
Another tip is beware of taking advice from people who may be well-meaning but not the best source of information. While it may feel natural to turn to family or friends for support and advice, those parties may not be privy to all of the details concerning a couple’s financial holdings. This means their advice may not be in the best interests of either party. Having a clear and accurate account of the finances involved is also strongly encouraged.
While all aspects of a divorce can be complicated for Pennsylvania couples to deal with, any missteps in the financial department can lead to a wide range of issues that could affect the quality of life for one or both spouses. If a couple is able to work together and agree on solutions involving financial settlements, the divorce process may be smoother and less contentious for everyone. It is important for all parties to know their rights and what they may be entitled to during and after a divorce.
Source: forbes.com, "Three Of The Biggest Mistakes The Wealthy Make When Divorcing", Russ Alan Prince, June 9, 2014