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Can you keep your divorce from destroying your finances?

On Behalf of | May 7, 2019 | Divorce |

When you make the decision to get divorced from your spouse in Pennsylvania, chances are one of your first concerns is securing your finances and preparing for a future as an independent person. Because your finances can undoubtedly be shaken from the process of separating from someone you shared money with for a length of time, it is imperative that you begin making preparations right away so you can work to rebuild your financial foundation. 

Perhaps the wisest advice you may consider implementing is to avoid excessive spending at all until your divorce has been finalized and you know where you stand in terms of your finances. Likewise, keep detailed records of your spending so you can confidently answer about where your money is going. Consider creating a budget for yourself and examine your expenses to identify areas where you can cut back in an effort to save as much money as you can. 

According to U.S. News, one of the biggest challenges may be finding a job and beginning a career if you have not worked throughout the course of your marriage. Experts say that a significant misstep that many divorcing people make is to refrain from finding employment until their divorce has been finalized. Doing this can put you even further in the hole as you accrue mounting debt with no real idea of how it will be paid for. As soon as you suspect a divorce, begin looking for a job and if possible, one that has benefits and opportunities for growth. 

The information in this article is intended for educational purposes only and should not be taken as legal advice.