Berman & Asbel, LLP

Avoiding financial pitfalls in divorce

Divorces can be difficult experiences to undergo for Pennsylvania couples, but they are often necessary in order for people to extricate themselves from situations that aren't right for them. However, doing so in a way that preserves financial stability can sometimes be harder than it seems, and even small mistakes can put unnecessary obstacles in the way. Though this may be concerning to some, there are ways of conducting the divorce that can skirt around these and other pitfalls.

Although joint accounts are certainly helpful for many couples, they can easily become a liability in the event of divorce. In order to avoid unnecessary complications arising from their usage, steps should be taken to separate a couple's finances as much as possible before the divorce begins. Each party to the divorce should then ensure that they make a complete accounting of their financial assets to present as clear of a picture as possible about their current situation. This can expedite the divorce process and clarify the lines of ownership during property division procedures.

Particularly in marital situations where finances were linked for so long, accrued expenses can make it tempting to withdraw from long-term savings accounts, such as retirement accounts, in order to cover the costs. Many households lack such savings as it is, and it would be a mistake to deplete such a valuable asset as a retirement account unnecessarily.

A person who is facing the end of a marriage may find it helpful to talk to an attorney in advance and begin exploring their options. One of the most difficult aspects of divorce can sometimes be ensuring a measure of financial independence after the split has been finalized, and a settlement agreement negotiated with the assistance of an attorney can be a major step in attaining this goal.

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