Getting married often means joining far more than just surnames. Property, bank accounts, debts and other important financial assets usually become intertwined in extremely intimate ways, and legally untangling them is not always easy. Couples in Pennsylvania might be hesitant to end their marriages because of the possible financial implications of divorce, but most people can successfully divorce while maintaining their own financial stability.
Before divorcees can truly begin to address asset division in order to secure their personal finances, they must be fully informed of all possible influences. One of the easiest ways to do so is to pull up full credit reports for both parties, which will reveal all of the open accounts and lines of credit. Some people are even surprised to find accounts that they had forgotten about or that they were unaware had been opened in their name by a secretive spouse.
Once all of the necessary information regarding these accounts have been collected, they can be handled in property division. In most cases, couples can decide the accounts and debts for which each party will be responsible. Some accounts allow for one person to be removed from an account, while others might require that a loan be refinanced first. Others do not permit this type of action at all.
Virtually no one in Pennsylvania wants to come out of a divorce in a financial pit, and the fear of doing so prevents many from seeking legal guidance and filing in a timely manner. Realistically, most couples can anticipate an otherwise fair division of these types of assets. By preparing beforehand and staying on top of relevant information, maintaining a comfortable level of financial stability can be obtained.
Source: Market Watch, “Divorcing? How to avoid destroying your finances”, Jill Krasny, Aug. 30, 2016
