Navigating a marital breakup in Pennsylvania can certainly be emotionally trying, but it can be just as challenging financially. After all, divorce is essentially a process that untangles two lives that have become intertwined with each other perhaps over the course of years or even decades. However, the hard work that comes with divorce, such as facilitating fair property division, does not stop once the divorce has been finalized. A couple of essential steps are important to take after the breakup is final, too.
First, when it comes to retirement accounts, equalizing them or dividing them properly after the divorce is important. This is possible by making sure that a prepared QDRO, or a qualified domestic relations order, is implemented. It is not enough for a judge to sign this type of judgment. Rather, it has to be executed appropriately so that pension and/or 401(k) funds end up in the proper places.
In addition to addressing existing retirement funds, tackling the cash in one’s bank account is also paramount following divorce. This includes understanding how much money is in the bank and what other assets are available. Then, a newly divorced spouse can create an accurate post-divorce budget that reflects his or her new financial reality, and he or she can use this as a guide for covering expenses in the years ahead.
Nothing is easy about getting a divorce. However, two spouses may make it easier by being willing to find common ground at the negotiation table rather than going to divorce trial. Traditional divorce litigation can be more stressful and expensive than engaging in informal negotiation. Still, litigation is unavoidable sometimes if two divorcing spouses cannot see eye to eye on matters such as property division. In either situation, an attorney in Pennsylvania can help to ensure that the client’s rights and best interests are protected every step of the way.
Source: yourtango.com, “The Life After Divorce Checklist For Your Fresh Start At Happiness“, Erin Levine, Feb. 23, 2018