Many married couples in Pennsylvania have encountered momentary problems at some point in their life together. Some have even overcome severe financial crises. If a couple decides to divorce, it can definitely be an experience that has significant financial implications.
It is wise for a spouse who is filing for a divorce to gain an understanding of applicable laws and guidelines that are relevant to finances, such as those that govern property division proceedings, child custody issues or alimony. Heading to court without full knowledge of these topics might cause a spouse to wind up with less that he or she is entitled to in a settlement. Obtaining legal counsel ahead of time is typically the best means of protecting one’s interests.
Have a clear understanding of taxes
It is also wise to meet with a financial adviser, especially to discuss ways in which a divorce might have an impact on a person’s tax status. Assuming that one’s taxes will remain the same after a divorce is a big mistake, particularly if the spouse in question is transitioning from filing jointly to filing as an individual. If child support is a priority issue, it will be important to refer to state guidelines that are based on the incomes of both parents.
Be able to articulate financial needs
Any Pennsylvania parent filing for divorce will want to make a list of financial needs, especially those pertaining to his or her children. Full disclosure of all assets and liabilities is required of both spouses. A family law attorney can ensure that the children’s well-being is a central focus of proceedings and can advocate on behalf of a parent to pursue a fair settlement.