When a couple decides to dissolve a marriage, there are numerous decisions that need to be made right away. When it comes to finances, there may be decisions that have to be made quickly once both parties decide that divorce is imminent. Pennsylvania couples may want to follow a few tips about which financial decisions should be made swiftly.
Credit cards should be dealt with first, as should any bank accounts. If there are cards with a zero balance, both parties may want to cancel them quickly. If a spouse has a card with the other person’s name on it and decides to use it and then not pay the balance, that other spouse may be responsible for the debt. Bank accounts should be divided quickly so that one spouse does not take out money and spend it, affecting the amount of money available for immediate use.
The decision to sell a home or keep a home can be overwhelming. Depending on the market, it may not be of financial benefit to get the house. Retirement funds also need to be handled by both parties. There are retirement plans that can be divided as marital assets, and there are other plans that can’t be divided. It is important to address the fate of all retirement accounts.
Most people tend to deal with the emotional changes and effects of a divorce in the beginning. However, it is important for both parties to clearly deal with immediate financial concerns. A divorce settlement in Pennsylvania can outline spousal support or other monetary decisions. However, the fate of funds in an account and potential wealth may be best handled by the parties directly, so that both can have a clear picture of their own financial future.
Source: wgntv.com, “Your Money Matters: Surviving a divorce“, Nicole Middendorf, Aug. 25, 2014
Source: wgntv.com, “Your Money Matters: Surviving a divorce“, Nicole Middendorf, Aug. 25, 2014
