Anyone going through the divorce process might be feeling overwhelmed and unsure of his or her future, particularly when it comes to finances. Pennsylvania residents who are in the midst of a divorce may need guidance as to what the best course of action may be and what may be best for their futures. While each divorce is an individual journey, there are common tips that can help anyone during a divorce.
Finances matter and property division can impact those finances. Assets can include many items people often forget to consider, such as frequent flyer miles or other intangible assets. These can be divided, as can debts. Since property division can impact future finances, it may be tempting for some to hide assets. This is illegal and can backfire once the process unfolds and the concealment of assets is discovered.
It is important to know what to expect and what the projected financial outcome of a split may be. For the spouse who does not control or handle the finances, it is recommended that he or she becomes informed quickly of the couple’s finances before the divorce takes place. Also, each spouse should make a reality-based estimate of expenses and future expenses. This can help a person realize if a divorce settlement, alimony or property division agreement will help that person stay afloat as the divorce is finalized.
It is always best to be prepared and to be realistic about divorce in general. While people in Pennsylvania may focus on the emotional journey, and rightfully so, the financial reality needs to be faced head-on before any decisions are set in stone. Help from legal counsel and other resources may help shed some light on the financial picture and how that picture will be impacted once the divorce takes place.
Source: huffingtonpost.com, “40 Secrets Only Divorce Attorneys Know“, Lia Sestric, Nov. 19, 2015