At times, some differences between spouses cannot be resolved, even with marital counseling. In these situations, getting a divorce is the only option for a couple. A few tips might help those going through divorce in Pennsylvania to protect their best interests, particularly when tackling matters such as property division.
Refraining from making major financial decisions before beginning the divorce process is essential, as divorce proceedings determine all of a spouse’s big financial changes. For instance, the legal proceedings will help with sorting out changes to retirement accounts, wills and beneficiaries. Making these types of changes before getting divorced may lead the judge to award one’s spouse. In addition, for those who have already filed for divorce, making changes without the court’s blessing may be grounds for charges of criminal contempt.
In addition, being conservative when saving and spending is critical. After all, trying to separate joint finances is a tricky process. Emptying a pot of assets and income, or dipping into this pot more than one typically would, in the months and weeks prior to the divorce may be detrimental. A legal separation may be helpful for dictating how both spouses use money up until the finalizing of the divorce.
Going through divorce can be challenging financially, particularly for those who have accumulated a large number of assets over the years. It can also be intimidating for those nearing retirement, as the outcome of the divorce proceeding may affect their retirement plans. An attorney in Pennsylvania can help with the process of property division and with tackling other monetary matters during this type of family law proceeding.
Source: usatoday.com, “7 ways to ready your finances for divorce“, Elizabeth Renter, May 31, 2017