Preparation needed to protect finances after divorce

One of the biggest points of contention during a Pennsylvania divorce proceeding is determining how assets and property should be distributed. As a result, feeling financially secure following a divorce can be tricky. A few tips may help people to rebuild their wealth after going through a divorce.

It is first essential to consider how new expenses resulting from the divorce settlement, such as alimony or child support, will impact one’s household budget. Following a divorce, a person would be wise to refrain from engaging in unnecessary spending so that he or she can make sure enough money is available to cover new expenses that he or she might not have thought about before getting divorced. Developing an emergency fund and continuing to save for retirement can also help to provide a newly divorced individual with some financial security.

After finalizing a divorce, it is necessary to make sure that the terms of the divorce settlement agreement are also upheld. For instance, any assets that were awarded must be distributed. If this does not happen, it may be necessary to go back to court and have this agreement enforced.

Making a mistake or a poor judgment call during a divorce proceeding can, unfortunately, cause financial harm to a person down the road. This is why proper legal guidance can be so helpful when a person is trying to negotiate or complete divorce mediation with a soon-to-be ex. An applied understanding of divorce law in Pennsylvania may help to set a person on the path to a financially healthy future following divorce.

Source: The Huffington Post, “7 Steps To A Better Financial Future After Divorce“, Brittany Wong, June 16, 2015