When we think of filing for divorce, often the first thing that comes to mind is the emotional toll of ending a marriage. And divorce is certainly an emotional process. But divorce also has a financial impact on a divorcing couple, and it is best to get a clear picture of your financial situation before starting the divorce process.
Don’t overlook marital debts
When a couple decides to file for divorce and they begin to think about their shared property and who will get what, one thing that is often overlooked is shared marital debt. “Marital property” that will be divided according to Pennsylvania’s laws of equitable distribution
refers to all property, debts, and other obligations that are acquired by either spouse after the marriage, apart from gifts and inheritances. Marital debt may include a mortgage, student loans, personal loans, and credit card debt.
Can you really afford to stay in your home?
Deciding who gets to stay in the house is a common battle in divorce proceedings. Before you draw a line in the sand on this issue, consider whether you can really afford to stay in the home. For some newly divorced couples, the mortgage payments, property taxes, maintenance costs, and other home ownership expenses may just be too much. Consider whether selling the home and sharing the proceeds is a better option for you financially. An experienced divorce attorney can assist you in making this determination.
Consider any child support or spousal support you may need to provide
If you and your spouse have children, you may need to pay child support, which can be expensive. If there is a substantial discrepancy between each of your incomes, you may be required to pay spousal support.
Filing for divorce requires making many decisions. Make the most informed decisions possible—speak with an experienced divorce attorney who will advise you of rights, discuss your options and help you decide the best course of action in your situation.