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Divorce mediation may help with address financial matters

Although the dissolution of a marriage in Pennsylvania can be difficult emotionally, it can be just as challenging financially. This is true no matter a couple's net worth or how long they have been married. A few tips may help those going through divorce to protect themselves financially, including planning a budget, planning to work in the future, and taking advantage of divorce mediation.

One of the most important steps following divorce is to adjust one's budget. After all, a marital breakup typically reduces the total income that a spouse has become used to receiving. Establishing a plan for essential items, such as housing, is a critical part of the budgeting process. Another essential move is to scrutinize all luxuries once enjoyed during marriage to see which ones can be eliminated going forward.

Another valuable step is to evaluate all of one's career options. A spouse going through divorce near retirement may have to reconsider retiring at a previously planned age. Instead, getting a job to save more money for retirement may be beneficial. For younger divorcees, investing in extra training or education may be expedient to re-enter the job market more successfully.

A divorce in Pennsylvania can easily shake up a divorcing spouse's finances, but seeking to resolve financial issues with the other party outside of court may help in a variety of ways. First, divorce mediation is usually less costly than going to trial. In addition, the process places power in the hands of the spouses getting divorced rather than in the hands of a judge. Whether through mediation or litigation, an astute family law attorney will push for the most personally favorable outcome for his or her client given the circumstances surrounding the divorce case.

Source: wisebread.com, "How to Build Financial Stability After Divorce", Toni Husbands, Feb.20, 2018

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