Ending a marriage can be a painful experience, both emotionally and financially. However, there are several steps that one can take to minimize the financial impact of divorce. One of the most important things someone in Pennsylvania who is going through a divorce can do is to be proactive throughout the entire process.
Collect important financial information
To better understand how one’s finances might look after divorce, it is important to have an understanding of what one’s current finances are. One of the best ways to do this is to gather as much relevant financial information as possible, which is also useful for understanding what is at play during property division. This might be a bit troublesome for someone who was not actively involved in the family finances during the marriage, although most people can easily access some of the following information:
- Financial statements
- Tax returns
- Pay stubs
- Benefit information
- Lists of assets and debts
Is help needed?
Properly managing money is hard enough in the best of times. During and after a divorce, it can be that much more difficult to ensure that everything is in order, especially when there are significant assets at play, such as Social Security benefits or military pensions. Speaking with a financial advisor before, during and even after divorce can often be helpful.
There is more to divorce than just dividing marital assets, though. Things like child custody, child support and alimony are key features in many divorces in Pennsylvania. Whether someone is simply considering divorce or has already initiated the process, having a thorough understanding of what all is at play can be crucial to securing the best possible outcome.
