During the process of getting a divorce, the excitement of a new beginning may understandably be the last thing on a person’s mind. However, this new beginning does offer an opportunity for rebuilding, which can be positive long term both emotionally and financially. A few tips may help with tackling the financial aspects of a divorce, particularly when dealing with property division in the state of Pennsylvania.
First, before deciding on how to split assets with a future ex, it may be helpful to get educated. This means learning about financial planning and finances. The division of various types of assets, from real estate to investments, can have varying financial repercussions that can last for years following the divorce.
In addition, it is critical to have a good idea of all the assets that need to be divided. Some assets that are easy to forget about include a child’s account or a savings account. In addition, developing a post-divorce budget can be helpful for preparing for independent living following the finalizing of the divorce.
Divorce proceedings in the state of Pennsylvania can be complicated and overwhelming, especially if property division involves many assets or several assets of high value. However, a greater amount of control might be possible by going through direct negotiation or mediation instead of going to trial. In either situation, an attorney can help to make sure that one gets the fair share of assets needed to be in the best position possible following the marital split-up.
Source: kansascity.com, “Spring cleaning your finances in divorce“, Chanel Fortier, March 22, 2017