Regardless of the status or length of a marriage, there are serious financial changes that will occur. Those financial changes need to be addressed by both parties in a divorce in Pennsylvania. Once both parties address these immediate financial concerns and obligations, the divorce process may move forward more smoothly, and each party may have a clearer sense of where he or she stands financially after the divorce.
First and foremost, important financial documents must be located and secured. This can mean tax returns, investment statements and any credit card company reports. Making copies and securing hard copies with a trusted friend or family member is recommended.
The next step is to assess individual status as far as credit reports are concerned. Now is the time to find and correct any credit mistakes that may have not been noticed before. Also, running a credit check can help each party gauge if he or she has a credit rating good enough to rent an apartment, and it will help address any other potential financial pitfalls. Opening individual accounts is also vital as joint accounts can lead to one party legally withdrawing all of the funds from that joint account.
Each Pennsylvania couple’s financial outlook may be vastly different and require individual attention during a divorce. However, knowing how to handle the split financially and being prepared to move forward independently is important for all couples. With the help of financial advisers and legal professionals and by taking the above steps, each party may feel more prepared to move forward and have a clear idea of what the future may hold for each individual.
Source: gogirlfinance.com, “How To Prepare For a Divorce”, Sarah Chang, Sept. 23, 2015