The marital breakup process can be overwhelming due to its many moving parts. Tackling the financial aspect of the divorce may especially be intimidating. However, a few tips may help those going through divorce in Pennsylvania to navigate this type of family law proceeding with confidence.
First, it is paramount that a divorcing spouse start to establish his or her own credit. This involves removing his or her name from joint accounts. This move, of course, may cause the spouse to lose some of his or her established credit history and thus take a credit score hit, but he or she can establish new credit and focus on improving it in the years ahead.
Second, becoming familiar with finances is especially important for the divorcing spouse who did not handle finances during the marriage. In the majority of marriages, one of the spouses is the financial manager, meaning that he or she handles the budget and bills. The spouse who did not complete these duties may want to connect with a tax preparer, certified financial planner and banker for guidance on where to start when it comes to managing his or her own finances going forward.
Although divorce can be confusing financially, the process may become easier if the two divorcing spouses are willing to find common ground when it comes to property division. They can try to sort out their issues at the negotiation table to reach a resolution without further court intrusion. An attorney in Pennsylvania can help to ensure that the client’s rights are protected during every stage of the divorce proceeding.