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.
Understanding income is important because it impacts how property will be divided during the divorce, as well as how child support and spousal maintenance will be calculated. Likewise, understanding expenses is essential because this may help to determine how much child support is needed or what child support amount is actually affordable. Expenses that are important to take into consideration include a child’s educational expenses and even those that come with owning a home.
Getting divorced can no doubt be a confusing and unsettling process for couples in Pennsylvania. Unfortunately, a single ill-informed financial decision can end up having negative long-term implications for a person going through divorce. Fortunately, though, an attorney can help a divorcing spouse to make expedient decisions regarding matters like property division, alimony and child support. The attorney will focus on achieving the most personally favorable outcome for the client considering the unique circumstances presented.