The financial impact of going through a divorce can be rather significant if certain steps to protect oneself are not taken. When figuring out a property division settlement, it is not enough just to think about what one is getting; one must also consider the negative consequences that might accompany being awarded certain assets. Pennsylvania residents can turn to legal counsel for help in determining what assets are actually worth pursuing as part of their divorce settlements.
Keeping one’s financial health in check can be difficult when going through a divorce. The process of dividing one household into two is expensive, to say the least. Being awarded one’s fair share of assets can help keep one above water as he or she transitions into post-divorce life.
With certain assets, though, one may find that taxes, fees and other ramifications come into play that make being awarded such property a burden more than a help. This is particularly true for pieces of real estate and retirement accounts. With help, it is possible to determine how big of a burden such assets may be in the long run.
Gaining a full view of how a property division settlement will actually affect one’s finances is a must before signing a divorce settlement. Failing to do so may put one in a bad economic situation that could have been so easily avoided. An experienced attorney can assist divorcing couples in Pennsylvania in achieving property division terms that are both fair and serve the interests of each party.
Source: nerdwallet.com, “Victim of ‘Divorce Season’? Protect Your Finances“, Kevin Voigt, March 29, 2017