Finances Are a Major Concern in a Pennsylvania Divorce

On behalf of Scaringi Law posted in Family Law on Friday, October 14, 2016.

Other than their children, the issue that most Pennsylvania residents are concerned about when their marriages end is money. For obvious reasons, finances are a major concern in a divorce since each party is looking for some sense of security as they begin their new and separate lives. Some financial losses might be expected, but there might be ways to minimize their impact.

It is essential for every Pennsylvania resident who is considering divorce to have as full an understanding of the family's current financial situation as possible. An inventory of assets and liabilities should be done in order to know what comprises the marital estate and what could be considered separate property. Some people attempt to hide money or assets from the other spouse when they know that the marriage is ending, and one of the only ways to confirm if this is happening is to know what should be there.

It would also be a disservice to a party to fight for an asset from an emotional standpoint. In most cases where this happens, the parties end up spending valuable money and time arguing just to "win" or somehow hurt the other party. Doing so ultimately hurts both parties because there is often no winner in these battles.

Few would argue that divorce is an emotionally charged and disconcerting event in anyone's life. How the parties handle it will make a difference in the outcome. If both parties approach the process knowing what property and debts will be divided and without the emotional turmoil that can accompany the end of a marriage, they should be able to come to an agreement that allows both parties to walk away with at least some sense of financial security for the changes ahead.

Source: U.S. News and World Report, "10 Ways to Prevent a Divorce From Ruining Your Finances", Maryalene Laponsie, Sept. 29, 2016