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Financial planning during and after a divorce

Financial planning during and after a divorce

Not every married couple in Pennsylvania shares their financial responsibilities equally. There are many marriages where one spouse controls the bank accounts, investments and bill paying while the other spouse is unaware of what’s going on financially. When a couple like this goes through a divorce, the one who was not involved with the finances is usually at a disadvantage.

People who are not used to dealing with money will have to reevaluate their living expenses and retirement plan as a single person. If they are inexperienced when it comes to budgeting, it’s a good idea for them to cut their living expenses to a minimum. Cutting expenses may involve moving out of a marital home that is too big for them to maintain.

People who were unaware of how the finances worked during their marriage would be wise to check their credit report. It’s possible that a person in this situation has joint credit cards that were opened in their name by their former spouse. As far as retirement plans, people should investigate their projected Social Security benefit to determine how much supplemental income they will need.

A divorcing spouse may want to have representation from an attorney during property division negotiations. An attorney may investigate the marital finances to ensure that all assets are accounted for before any property division agreements are reached. If a divorcing spouse does not know what kind of divorce settlement would be of the most benefit, an attorney can explain the implications of keeping certain assets.

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