Pennsylvania couples who are facing the end of their marriage may be worried about their finances. While this can be a stressful aspect of divorce, looking at concrete information can help them get a better sense of control.
As part of property division, people will need to know what all their shared assets are. It is important to understand that assets of equal value may not actually be worth that amount if some are subject to taxes or other expenses. If there is a pension, people may want to consider if an ex-spouse will be allowed to receive survivor’s benefits if the owner dies.
A couple may decide to sell the home, but they will still need to agree on who will pay the bills associated with it until it sells. They will also need to decide how to split any proceeds or debt associated with its sale. Other types of shared debts could cause problems since even if one person agrees to take them on in the divorce decree, this does not mean creditors will not pursue the other person. One person might also be required to pay child support and alimony to the other person.
The process of property division can be a difficult one, but it is best if people try to approach it by putting their emotions aside and focusing on the practical elements. Divorce can be expensive and people may experience a drop in their standard of living afterward, so it is important to make sure that assets are distributed in a way that protects both people financially. Negotiating the divorce instead of going through litigation may help a couple reach a settlement that benefits both of them.