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Financial tips for getting through a divorce

On Behalf of | Jul 18, 2020 | Divorce |

Divorce can be stressful in many ways, including financially. People in Pennsylvania who are going through a divorce can do things that will help them reduce some of the financial strain.

They may want to hire a financial professional to help them through the process. People who have not been very aware of the family finances might be at a disadvantage, but even those who handle the family money are likely to encounter new challenges in a divorce. Individuals should gather as many documents as possible. This might include such things as titles to property, life insurance policies and wills. Who owns what and whose name is on what needs to be clear. People should also review their assets and debts as well as their household bills and income.

Divorce can be expensive, costing anywhere from a few hundred to tens of thousands of dollars to far more. These costs may include attorney and court costs, refinancing costs for a home and mediation expenses. This is not the time to spend money on other things. Costs may be kept down if couples can agree to work together, but people usually need to accept that they will not get everything they want in the divorce. Their standards of living will probably drop after the divorce, and it is important to prioritize.

While it is not always possible, negotiation or mediation are generally less expensive than going to court. These approaches also give the couple control over the final outcome for both property division and child custody, which is not the case if they go to court. Discussing priorities ahead of time with their attorneys can help individuals reach an agreement that is acceptable to both of them without putting either of them at too much of a disadvantage.