Starting all over financially following divorce is understandably difficult. This is particularly the case if a mortgage or other shared asset was involved. Making matters even more challenging is that newly married couples usually do not prepare for property division and living on their own later in life. A few tips may help with reclaiming financial independence following divorce in Pennsylvania.
First, reviewing one’s existing finances is critical. This includes taking a close look at current living expenses and any debt that is outstanding. This also includes evaluating child support and alimony obligations. Then, the goal is to ensure that all of these expenses are included in a brand-new budget, with the goal being to avoid living above one’s means long term.
Next, setting up a financial plan is important. The faster such a plan is created, the easier it is to take the necessary steps to achieve financial progress in the future. Effective financial planning encompasses long-, mid- and short-term goals. A financial planner may help with creating a plan that fully addresses one’s needs and objectives.
Although getting divorced can be hard both emotionally and financially, going through mediation rather than litigating the divorce can provide a greater sense of control during this type of family law proceeding. Every divorce case is different depending on what matters are being disputed as part of property division, for example. However, an attorney in Pennsylvania can help with making the most personally favorable decisions possible in light of the circumstances surrounding the dissolution of marriage.
Source: quickenloans.com, “8 Tips to Help You Start Over Financially After Divorce“, Krystal Beers Miller, May 30, 2017