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How to prepare for a divorce settlement in Pennsylvania

by | Aug 13, 2013 | Family Law

No matter who brings up the subject, both parties to a divorce are going to have many issues to deal with before it’s all said and done. Anyone in Pennsylvania that is getting a divorce may benefit from making some preparations before going to court or starting divorce settlement negotiations. Then there are some preparations that can be made during the process.

One of the first things that everyone should make sure to do is to gather any important documents. Documents such as bank statements, insurance policies, tax returns, mortgage or lease documents, retirement accounts, wills, trusts, account statements for both debts and assets and any other important records. Having these documents will help with the division of property, spousal support or alimony, child support and any other financial matters the parties will need to resolve.

Many couples have joint accounts during their marriage. Now that the marriage is ending, it will be necessary for each party to open his or her own accounts. Things such as individual paychecks and any automatic debits belonging to the individual parties will need to be transferred to these new accounts.

Any credit card companies may need to be notified to make sure no further charges are made on any accounts during the course of the divorce. Many couples decide to maintain some kind of account to handle household expenses while the settlement is being negotiated. This is also a good time to determine some amount of child support. A final amount may be determined by the court or in the final divorce settlement, but an interim amount can be established to ensure that the children are taken care of financially.

These are just some of the measures that need to be taken as quickly as possible once the decision to divorce has been made. Many people in Pennsylvania find the process of negotiating a divorce settlement can be overwhelming when trying to tackle it alone. Professional advice and assistance can make the process much easier and understandable.

Source: Huffington Post, “We’re Getting A Divorce, Now What?” Linda Descano, July 29, 2013