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Making financial decisions in the midst of divorce

When a Pennsylvania couple goes through a divorce, things can get difficult. While there may be a number of issues to work out, a major focus is usually on finances. Especially if the divorce is not amicable, there are approaches to protect each party from financial ruin.

First of all, it is important to know a precise state of the family finances and have copies of all important financial documents, both current and those of the past several years. Especially if only one of the two has been in control of all financial decisions, the other spouse will need to devote time to become knowledgeable about specifics when it comes to debts owed, taxes and the value of the items the couple own. Both parties will need to understand how the divorce will affect every part of the financial picture.

When financial questions arise, there are many professionals who deal with such situations frequently. Especially if a couple owns a business together or their personal holdings are of great value, the ramifications of not seeking help could be fiscally devastating. The emotional state of both spouses while trying to come to an agreement during this time is significant, as anger, guilt or hurt on the part of either person could adversely affect any decisions made. There again, help in the form of therapy may be valuable while trying to determine a financial future.

Knowing a detailed financial scope is the first defense in ensuring one spouse does not defraud the other during divorce proceedings. The overall stress of divorce can be partially alleviated when help is sought to overcome the fiscal challenges that the dissolution of a marriage brings. There are professionals, such as lawyers and financial planners, in Pennsylvania ready to assist those who are facing this difficult process.

Source: huffingtonpost.com, "8 Tips to Keep From Being Taken Advantage of Financially in Divorce", Karen Covy, Jan. 29, 2016

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