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Divorce can include financial shocks

When people in Connecticut decide to divorce, they may face difficult financial times as well as some unexpected surprises. In one survey of 1,785 divorcing or divorced women, analysts found that nearly half of the respondents were surprised by the state of their finances during the divorce process. Younger women were more likely to face these kinds of shocks than their older counterparts and more likely to have left most financial decisions to their husbands during the marriage.

Divorce, financial records and budgeting

Emotional reasons and personal dissatisfaction usually prompt divorces in Pennsylvania, but the process of ending a marriage requires significant financial planning. People who are ending their marriages might reduce their stress somewhat by collecting and organizing their financial records as thoroughly as possible. Financial disclosures during a divorce will include bank statements, investment records, tax returns, retirement savings and loan documents. Obtaining credit reports from the three major credit bureaus represents another important task. People could save on legal fees by preparing this information for themselves.

How the costs of child custody will change in 2019

One of the major sticking points for many Pennsylvania former couples who are getting a divorce is custody of the children. While some parents can work together quickly to reach an agreement, the dispute can drag on for months or even years for others. However, it should be noted that the change in tax laws starting Jan. 1, 2019, can have an impact on how expensive it may be to have full custody of the children.

Divorce and estate planning

Estate plans should be reviewed periodically to see if they should be updated. For Pennsylvania residents who get a divorce, it is important that they review these documents and make the necessary modifications that reflect the changes in their life.

Pros and cons of keeping the house in a divorce

Spouses who buy a home together in Pennsylvania typically face the question of who gets the real estate in a divorce. While some sell it and split the proceeds, others trade away other assets in the divorce to keep the property. Sentimental ties to the property or a desire to avoid disrupting the lives of children usually motivate this decision, but divorce financial planners frequently advise people, especially women, to let a home go.

Common mistakes divorcees make

As anyone who's been divorced in Pennsylvania will testify, when people go through a divorce, it is very rarely the case that they are prepared for it. To begin with, divorce is a very emotional process that brings about the end of what was supposed to be a lifelong arrangement. Furthermore, when there are children involved, they usually don't respond well to having their lives as they know it upended.

College costs complicate divorce negotiations

Whether a couple in Pennsylvania has already saved money for their children's college education or not, the decision to divorce could impact the ability to pay. The marital income that once covered the costs of one household will switch to paying for two households. In addition, judges will prioritize child support for minor children or spousal support above setting aside money for college. However, parents can work with financial advisers to build an educational payment plan.

When a shift in careers leads to divorce

Pennsylvania marriages that start off with the husbands and wives in more traditional roles and then shift to situations in which the wife earns as much or more than her husband may be less stable than those that began on equal footing in the first place. This was the finding of Swedish researchers who looked at the effect of career success on women in marriages.

Wealthy children are often asked to sign prenuptial agreements

Pennsylvania residents may think about celebrities and business magnates when prenuptial agreements are mentioned, but these documents are also often signed at the request of wealthy parents who want to protect family fortunes. Prenuptial agreements can strengthen relationships by removing uncertainties over money, but they should be approached with care. Discussions about important financial matters can turn into vitriolic arguments when these issues are handled less than diplomatically, and resolving things amicably may be impossible once emotions have been roused and tempers have flared.

Divorce for business owners requires accurate business valuation

The private owner of a business in Pennsylvania will encounter challenges when dividing assets during a divorce. The valuation of a business generally requires an assessment by an appraiser knowledgeable about business accounting. The final figure assigned to the business could influence settlement distributions and child or spousal support amounts.

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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