Understanding the financial aspect of Pennsylvania divorce

| Jul 17, 2014 | Divorce

Going through the divorce process can be an incredibly emotional time for families as they choose to separate. Children lose the stability that they are accustomed to and couples no longer have each other to rely on. However, choosing to separate may be the best decision that a couple who are no longer getting along can make. Spouses in Pennsylvania looking to get a divorce have many resources available to them that can ease the process.

Divorces do not solely affect families emotionally. They can also cause a great deal of strain financially. Dividing shared assets and debts can be a complicated process, especially if the separation is uncivil. There are a number of things to remember regarding one’s finances when an individual splits with a spouse. Figuring out what belongs to whom is the first step that a couple has to deal with.

Paying off joint debts and accounts can also be crucial to making this separation in a fiscally responsible manner. Closing old accounts and creating new ones is another way to take things from shared to private. The important thing to remember as one decides to get a divorce is to work things out with the other party. Making financial agreements and custody arrangements civilly can ease the stress that may otherwise take over.

Taking care of shared finances, debts and assets is often a crucial aspect of the divorce process. Couples in Pennsylvania considering divorce can seek the help of professionals to work through these different aspects. When one party is unwilling to work with the other, litigation in a family law court may become necessary, at which point it can be crucial for each party to fully understand their rights as property division is overseen by a judge.

Source: Fox Business, “Debt and Divorce: 5 Steps to Make a Clean Credit Split”, Dawn Papandrea, July 14, 2014

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