People in Pennsylvania who are getting a divorce might wonder how they can prepare financially. A first step is to gather copies of as many financial documents as possible. If a person anticipates the divorce becoming contentious, it may be a good idea to put these somewhere safe such as with a loved one or in a safe deposit box.
Checking credit reports is also a good idea. People should look over any shared accounts and make sure they are not being abused. A person should also consider setting up a personal account if the couple has joint accounts, and people who do not have their own line of credit might want to apply for a credit card. In some cases, it is possible to get a credit card using household income.
People may also want to prepare for how their taxes will change and find out whether there will be tax liabilities associated with the division of certain assets. There could be capital gains taxes on some assets. A person might want to meet with a financial planner to discuss this and other aspects of finances after divorce. This may be part of a larger professional team a person assembles that includes an attorney and a counselor or therapist.
Divorce can be a difficult process, but it is important for people to protect themselves financially during negotiation or litigation about property division. After a divorce, the standard of living may drop for many people. It is important that spouses do not allow themselves to give up property they are entitled to because they feel guilty or are upset about the divorce and want to get it over with quickly. People may want to discuss their concerns and financial goals with an attorney before going into negotiation or litigation to help them stay focused.
