Getting Your Finances Ready for Divorce
Preparing for a legal separation or a divorce can be confusing and emotional. One of the areas of your life that will need to be addressed when a marriage is ending is the family finances.
Unsure if you and your spouse have a legal reason for divorce? Here is a list of grounds for marriage dissolution in Pennsylvania if you are considering getting your finances ready for divorce.
Start Early and Stay Organized
One thing you can do is to prepare yourself—including your finances—for the dissolution of marriage as soon as possible. Ideally, once you are certain the separation will occur. If you have more time to walk through the process, you will increase your probability of making calm decisions that are best for your path moving forward. Because the truth is, divorce will affect your finances in multiple ways.
Because divorce can be difficult and often creates many complex decisions, many find it helpful to be proactive and focus on the elements of divorce they can control. Staying organized is something you can do to reduce your stress and help you to achieve the results you are seeking.
How to Get Your Finances Ready for Divorce
While everyone’s story is unique, and you should seek legal guidance regarding your situation, there are a few steps you can take to begin to take control of your finances.
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Compile your financial records. It is difficult to determine where you are financially until you collect all of your records and see them as one whole picture. When thinking of your financial records, consider things beyond your pay stubs and bills. Include retirement accounts, investment accounts, loan balances, real estate deets, wills and trusts, and insurance policies in your files.
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Consider an updated budget. Any household budget you have been following as a married couple will have to be readdressed based on your individual income and expenses. You will also need to think about opening your own bank accounts if you currently have joint credit card, checking, or savings accounts.
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Debt and property. Once you are aware of all of your assets and debts, division of these can be addressed. If you and your spouse have been carrying credit card balances, who will settle them once you are divorced? And if you own one or more properties, who will keep them?
When you take the time to consider financial issues in advance, it can help you and your lawyer make the best decision for your life post divorce. Also, remember to tell your attorney of any premarital agreements and estate plans that may be in place.
With knowledge, you can increase the possibility of securing your financial future. Finance is one of the things your divorce attorney needs to know about your case. Being prepared can save you time, money, and stress later.
Contact the Bucks County family attorneys at Kardos, Rickles & Hand to discuss your situation. Our lawyers are experienced in divorce, divorce arbitration, and divorce mediation. Together, we can make the separation process as smooth as possible.
Resource:
legis.state.pa.us/WU01/LI/LI/CT/HTM/23/00.033.001.000..HTM
https://www.krhlaw.com/prenuptial-agreements/
