Reasons differ for every family unit, but many families still choose to leave the workforce when children are born. The most common spouse to stay at home still is the mother. When a couple begins having marital problems and a divorce is on the horizon, property division concerns can seem overwhelming for a nonworking spouse. A Pennsylvania family law attorney can help anyone considering a divorce protect finances prior to officially filing in court.
If the spouse with no income is unaware of the details of all shared accounts, it is important to become informed. It is especially important to understand all details of any and all retirement accounts because it is often a couple’s largest source of wealth. In addition to becoming aware of all cash accounts, understanding shared debts is also important. When couples divide assets, debts are also divided and taken into consideration by the family law court with all negotiations. When possible, paying off debts and not incurring new debt is encouraged to simplify the property division process.
Establishing single accounts separate from joint accounts is encouraged with the full awareness of the other spouse. Prior to a divorce, both spouses must calculate court fees, attorney fees and living expenses following a divorce that each will incur in the process. Any shared valuables should be documented prior to negotiations and no property should be sold until the divorce is final. No matter the steps taken to protect finances, the opposing spouse should always be informed in order to prevent future accusations that one spouse attempted to hide property from the other.
A divorce is often a tricky and an emotional process no matter the amount of property division involved. Pennsylvania family law attorneys are often a valuable asset for anyone needing to understand all aspects that need to be considered prior to any official filing of a divorce. Attorneys can also inform an individual of needs to anticipate once the divorce is finalized.
Source: goodmenproject.com, “11 Tips For Protecting YOUR Assets During Divorce“, Accessed on May 3, 2018