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How to protect finances during a divorce

Pennsylvania residents are no strangers to the emotional anguish that comes with the dissolution of a marriage. Although divorce tends to be a desperate last resort for unhappy couples, it is still very strenuous for everyone involved, especially if there are kids involved.

It is important for people to be prepared when embarking on divorce negotiations, including doing everything in their power to protect their money. This should include closing joint bank accounts and establishing separate ones. People should check their credit reports to make sure that all entries are accounted for and that the other spouse has not run up secret charges. It might be wise to get a private post office box for future divorce-related correspondence.

Aside from distributing mutual assets, divorce settlements have to contend with any imbalances inherent in the relationship, among which are income disparity and differences in the amount of involvement in financial decisions. Ergo, it behooves both parties to work on those imbalances so as to facilitate the divorce proceedings. In the event that one spouse has been shouldering the responsibility of paying the bills, the other spouse should take the time to learn what these bills are and how much they cost. Each should also be aware of what retirement accounts currently exist, as some will require a special document before they can be split.

Most divorce cases end up with the couples and their respective attorneys negotiating a settlement. This can often produce a better result than if the case goes to court and the decisions are made by a judge.

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Law Office of
Katrina Luedtke LLC

Law Office of Katrina Luedtke LLC
43 West Middle Street
Gettysburg, PA 17325

Phone: 717-253-9951
Fax: 717-420-2151
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