Finances play a major role in divorce and can be a source of much of the stress and tension that the process may bring. However, there are resources and legal professionals available that can assist with the financial aspects of divorce, while reducing the possible stress involved. Those in Pennsylvania who are considering going through this process can use this assistance to help the separation and division of finances go smoothly.
When considering the shared and individual finances that an individual and his or her spouse possess, it is important to include absolutely everything. That means assets that have not yet been distributed, like retirement or pensions, in addition to current debts or funds in the bank. Those who have a hand in managing the finances of the household may already have a good idea of their assets, but, if not, carefully inventorying the various assets will be crucial in order to get a fair settlement.
Furthermore, it is important to consider the tax burdens associated with various assets. An asset that is of equal value on paper may not be equal when it is liquidated or sold. As properties and other assets are split between two parties, it can be difficult for the process to not become emotionally charged. Although something may have great sentimental value to one party, its financial worth may not measure up to that. Keeping perspective can help during this process.
Divorce has become commonplace in Pennsylvania and throughout the United States, and there are legal professionals available to assist with the process. An understanding of the financial aspects that are involved has a major role in property division, as well as child support and alimony. Obtaining guidance through a divorce can make the process less stressful and help one get a fair settlement in the end.
Source: cnbc.com, “Breaking up is hard to do: Protecting assets in divorce”, Kelli B. Grant, Jan. 17, 2016