Navigating the financial factors of divorce

|December 28, 2020 | Property Division

Money is a major factor in your life like other individuals in Pennsylvania. You and your spouse have spent years saving to purchase the perfect family home, to have a family and to create a retirement plan that will allow the two of you to retire by a certain age and do the things you aspire to do during this phase of life. However, one thing you did not plan for was the marriage ending. Although divorce is a very emotional process, when that factor is taken out of the equation, one is simply left with money.

Navigating a divorce is challenging; this is especially true when you are not in agreement. Your partner has decided to file, and you are left with confusion and fears about what the future will look like after the divorce is finalized. One thing that cannot escape your mind is the financial part of dissolution. What will your financial future look like during and after divorce? What assets will you maintain?

You may not be able to answer these questions yourself, and that is perfectly understandable. The divorce process is an emotional time, and when emotions run high, it is difficult to think clearly or absorb everything. This is where a financial expert could be of value. A financial planner could be a very resourceful tool during a divorce; however, utilizing a financial expert is all about timing.

If a spouse is concerned about the value of their marital property, assessing all the property of the marriage and properly allocating marital property during dissolution, then it is vital that a financial planner enter the process before any major decisions are made. Additionally, getting a clear picture of the finances during dissolution could help a spouse visualize what his or her financial future will look like post-divorce. This is beneficial, as it can help one plan and prepare for their new single life because they are better aware of what they can afford.

Because money can make a divorce messy and complex, it is important to discover ways to make the process easier on you. This is not only about reducing the emotional impact caused by the process, but it is also about understanding you rights to the property being divided during a divorce. By fully understanding the situation and the rights you have, you could arrive at a divorce settlement that is favorable to you.

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