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No one would argue that divorce is difficult for everyone involved. It’s a very emotional time, there is an inordinate amount of stress, and that’s true even if the end of the relationship is reasonably amicable. However, marriages usually do not end on a friendly note. And even if things begin well, the situation often turns into War of the Roses when arrangements need to be made regarding alimony, assets, child support and custody, and visitation arrangements.

 

It must be remembered that a divorce isn’t just the end of a marriage. It’s also the end of a financial relationship. And opinions will most likely differ as to how everything should be sorted out. Therefore, it is wise to take steps to protect yourself financially during a divorce. What can you do to safeguard your financial assets?

 

Get your records in order

Gather and organize all of your financial records; having records for the previous five years is considered the standard. You should have tax records, payroll and income documentation, bank statements, and paperwork related to property, vehicles, and investments. Be sure to make copies of everything and keep them in a location other than your house, such as a safe deposit box or the home of a friend.

 

Get your own accounts

As soon as it seems that divorce is unavoidable, open your own bank accounts and get your own credit cards. Open the accounts at a bank other than the one(s) you and your spouse used. This will keep your financial activity separate and confidential. A credit card in your name will allow you to start building your own credit record.

 

Keep a close eye on your credit

In a less-than-amicable divorce, it’s not unheard of that one spouse tries to damage the other’s credit. So it’s important to periodically check your credit report during the proceedings. Make sure no credit cards have been taken out in your name, and watch for questionable activity. Joint credit cards should be cancelled. Monitor outstanding debts. If anything looks suspicious, tell your attorney immediately.

 

Take an inventory

It is essential to take an inventory of all of your assets. And remember, things acquired during the marriage are considered joint property. Take digital, time-stamped photos of valuable assets; you’ll have proof if something goes missing. In fact, some even make a video recording of items in the home.

 

Reduce expenses

There is no question that divorce is expensive. A budget is necessary so you’ll know how much you need, not just for costs associated with the divorce, but for normal living expenses once you’re on your own. Be reasonable. Since you’ll be living on one income, you’ll most likely have to find ways to cut expenses.

 

Divorce is a painful, unpleasant, emotional experience. But keeping a level head is important. If it’s apparent that divorce is inevitable, you need to protect your financial assets.


Where is the money going? This is a question that many Pennsylvania residents ask. In many cases, it is simply being spent on legitimate household expenses. However, in other cases, a spouse may be attempting to stash money in a secret account or hiding a debt that he/she does not want the other spouse to be aware of. Often, this is a prelude to an impending divorce decision.

 

In many cases, there are subtle signs that one needs to pay attention to. When money that is usually available is no longer there, it may be time to do a little research. Where is this money going? Perhaps one’s spouse is attempting a surprise. But, is such a surprise going to be a pleasant one?

 

Prior to asking for a divorce, many individuals seek to protect themselves financially by stashing funds in a separate bank account or paying off debt. The premise behind such action is often to have money available to pay expenses associated with a divorce and to be able to establish a separate household. Depending upon the family dynamics and financial situation, this may place an additional burden upon an already unstable family situation.

 

It may not always be possible to discover financial secrets prior to divorce proceedings. Fortunately, each Pennsylvania resident involved in a divorce will be required to disclose all financial accounts during the process. With this information in hand, the individual, along with legal counsel, will be able to decide the best course of action to protect oneself financially throughout the process and in the future.


Lawyer, attorney, law, divorce, bankruptcy, real estate, alimony, debt, debtor, creditor, child support, adoption, estate, probate, wills, estate planning, central Pennsylvania, PA, Harrisburg, Hershey, Lebanon, York, Carlisle, Cumberland, Dauphin, Perry, Republican, democrat,

Raising a child can be an expensive venture. Often, Pennsylvania families with the luxury of two incomes struggle to pay the mortgage, pay the car note, buy groceries and pay for all of the extras that come with providing for a child. This struggle is aggravated when a single parent is attempting to do the same but with only one income. Along with the numerous other benefits, child support assists with meeting the basic needs of one’s child.

 

Fortunately, Pennsylvania parents recognize the need for making timely child support payments. In fact, Pennsylvania leads the nation with an 84 percent payment rate. This translates into more custodial parents receiving the funds needed to help take care of the children.

 

 

On the other hand, there are still parents who are unable or unwilling to do their part financially; when this happens, there are steps that can be taken. It is possible for child support payments to be taken from payments such as Social Security benefits, unemployment compensation and even workers’ compensation benefits. Additionally, tax refunds and lottery winnings can be redirected so that payments are made. In addition, liens can be placed against property and professional and driver’s licenses can be suspended for nonpayment. One other option that is used as a last resort is that the delinquent parent can be incarcerated for up to six months.

 

When a custodial parent has trouble collecting child support from the other parent, it is usually time to seek legal guidance on the best way to proceed. The State of Pennsylvania takes child support matters seriously. The goal is to make sure that the children are taken care of according to the financial standing of both parents.


Lawyer, attorney, law, divorce, bankruptcy, real estate, alimony, debt, debtor, creditor, child support, adoption, estate, probate, wills, estate planning, central Pennsylvania, PA, Harrisburg, Hershey, Lebanon, York, Carlisle, Cumberland, Dauphin, Perry, Republican, democrat,