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Wexford Pennsylvania Family Law Blog

Getting a new financial advisor a wise move following divorce

Getting divorced makes it possible for two married individuals in Pennsylvania to finally break free from each other and move on with their lives. However, research shows that many women still decide to stick with the same financial advisor that the other party used prior to the divorce. In reality, it may be beneficial to start fresh with one's own financial advisor.

Divorcing women may especially want to seek their own advisors if their spouses tended to have closer relationships with the advisors they had during the marriage. In this situation, divorce presents an opportunity to talk to other advisors and find out which ones may best represent their needs. In this way, they can have advisors who can tailor their financial services to them, rather than to their ex-spouses.

Tips may help with navigating emotional process of divorce

When an individual in Pennsylvania decides to get divorced, it's natural to experience a range of emotions. A part of the person may feel relieved and ready to move on with his or her own life. At the same time, the individual might feel unsettled, as divorce is inherently a life-changing event. However, a couple of tips may help those going through divorce to feel confident heading into the process.

First, it is critical that individuals who are getting divorced to practice self-care. This is necessary because engaging in emotional discussions with a future ex and navigating mediation sessions, for example, can leave a person feeling physically and emotionally drained. Proper self-care includes getting plenty of rest at night, utilizing calming techniques for alleviating stress and eating healthy meals.

Prenuptial agreement can make divorce process smoother

Younger individuals today are waiting until they are older to marry, and in the meantime, they are accumulating large amounts of wealth in many cases. In other cases, they are accumulating large amounts of debt. For these reasons, it is a good idea for people in Pennsylvania to create prenuptial agreements before they get married in the event that divorce is inevitable for them down the road.

Even though marriage is all about trust and love, in reality, it also involves the merging of assets. When two people get married, they are essentially entering into a contract. Therefore, it only makes sense that certain conditions and terms are established that are favorable to the two parties getting married.

How to break the news about divorce to your kids

It's a conversation you don't want to have. You dread talking to your children about divorce even more than you worried about asking your spouse for the divorce in the first place. You knew how to have that adult conversation, and you knew what you wanted. But how do you explain all of that to the kids?

What do they know already?

Understanding finances important before seeking divorce

The process of breaking up with a spouse can certainly have a major impact on an individual emotionally. However, divorce can be just as impactful on the individual's personal finances, especially if he or she happens to be a parent. For this reason, becoming familiar with one's finances is critical prior to seeking a divorce in Pennsylvania.

Three monetary areas in particular are important to understand in preparing for divorce proceedings: expected future expenses, current expenses and debt/income. Income includes any wages that both spouses earn, along with anticipated bonuses. It may also include family money or money from a trust fund.

Financial mistakes during divorce can have negative impacts

According to experts, married couples have an estimated 39% chance of getting divorced in the United States. Unfortunately, divorce can be devastating both financially and emotionally. Here is a glimpse at seven mistakes that can quickly impact one's finances during a Pennsylvania divorce.

First, it is wise to avoid cashing in investments to cover some of the costs that arise during divorce proceedings. Cashing in investments may certainly sound tempting, but selling assets that have significantly appreciated in value can create a substantial tax obligation. In addition, because these assets will not be invested any longer, the person who sold them will likely pull him or herself off track from achieving bigger financial goals.

Divorce often the result of unresolved money issues

One of the top reasons people get divorced is money. This is because finances and stress usually go together, and this issue can affect financially struggling couples and wealthy couples alike. Here is a glimpse at two money-related problems that commonly drive wedges between Pennsylvania couples and spark divorce proceedings.

First, if one spouse accrues a lot of debt on credit cards, this can have a drastic impact on the marriage. This is especially true if the other spouse leans more on the side of caution when it comes to racking up debt and spending money. The conflicts that can erupt from these very different schools of thought when it comes to money can quickly result in divorce proceedings.

Lack of dedication, domestic violence may spark divorce

Keeping a marriage together is no easy feat, especially when a marriage is built on a not-so-sturdy foundation in the first place. In many cases, two people who are married simply cannot make their marriage work, so their only option is to get a divorce. Research shows that couples in Pennsylvania and elsewhere end their marriages for a wide range of reasons, from a lack of dedication to domestic violence.

When it comes to dedication, in some marriages, one spouse has a greater level of commitment to the other spouse than the other party does. Unfortunately, because both spouses are not on the same page regarding their feelings about the relationship, their marriage can quickly break down and ultimately come to an end. In addition, some couples divorce as a result of adultery. Meanwhile, others get divorced because they realize that they walked down the aisle before they truly understood how much work marriage involves.

Here's what noncustodial parents should know about child support

As a noncustodial parent, there are many things that you need to remember. One is that you need to pay child support if it's ordered.

Child support tends to polarize everyone because one parent may not think it's fair to have to pay while others think that the paying parent isn't doing enough. The reality is that every state has guidelines for parents to follow, so that their children are getting a fair amount of compensation from the noncustodial parent.

Child support can be complicated in Pennsylvania

The process of getting divorced can no doubt be challenging to navigate financially. A particular financial area of divorce that can cause confusion is child support. Here is a look at how child support works in Pennsylvania.

Children require their parents' financial support both before divorce and after it. For this reason, the parent who is granted custody of the children following divorce is expected to cover the children's daily expenses. The other spouse is also expected to cover these expenses by paying child support to the custodial parent. These expenses include housing, health care, entertainment, transportation, clothing and food.

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