Divorce makes a large and lasting impact on the lives of those involved regardless of whose idea it may have been. There is a wide variety of aspects that make up the divorce process, some of which many people may not be aware. Divorcing individuals in Pennsylvania can contact legal professionals in the family law field to assist them through this process.
Finances are one part of divorce that can be affected in both the short and long term. In the time immediately following a divorce, one has to adjust to living without the other spouse and covering the expenses from the process itself. One may now be living with a single income and having new payments that he or she did not have before. Dealing with immediate expenses while also considering any long-term expenses can be a challenge.
Retirement, pensions and insurance are some big changes that one will face as a result of a divorce. Changing the beneficiary of these, if it is the former spouse, is important to remember. Furthermore, separating or determining how to cover joint debts is critical during the divorce. Not deciding how these debts will be paid for before the divorce is finalized can make it much more complicated later on.
The financial implications of a divorce are many and are something that cannot be avoided. Working with the other party to make provisions for joint debts and other division of property can save one stress down the road. Those working through or considering divorce in Pennsylvania have several resources available to help them with the process.
Source: stltoday.com, “3 Money Mistakes You Might Make After a Breakup”, Sheiresa Ngo, May 25, 2016