When it comes to going through divorce, many Pennsylvania residents know that it can be a costly endeavor. As a result, many parties may wish to prepare themselves for the costs they may incur for legal proceedings and areas such as property division. In a high asset divorce, maintaining control over costs and finances can be of the highest importance.
The first step an individual may wish to take when going through divorce is to seek separation of finances. This step could include closing joint accounts held by banks or other credit companies. A party may also wish to monitor their credit and other financial areas to ensure that their spouse is not conducting unauthorized financial activities.
It is also important for each party to fully understand their finances. If one party kept tabs on the finances more than the other, it could leave room for hidden assets during property division or lead to an individual being uncertain as to what some assets are worth. Understanding what property and what types of property are available for division can make a considerable difference during divorce proceedings.
A high asset divorce can be more complicated than some other forms of divorce, especially when it comes to property division. As a result, individuals who fall into this category may wish to ensure that they understand their situation as fully as possible. Information on Pennsylvania state laws concerning divorce and property division could provide needed knowledge on how certain assets and parties may fare during the separation process.
Source: ABC News, "How to Protect Your Finances in a Divorce", AJ Smith, March 31, 2014