Prepping for divorce often begins with financial assessment

On Behalf of | Nov 29, 2021 | Divorce

Most Pennsylvania residents who find themselves with divorce on the horizon want the process to go as smoothly as possible. While some aspects may inevitably be difficult no matter how much preparation you do beforehand, you could make the situation a bit easier on yourself by getting ready for the legal proceedings ahead, even before filing for a marriage dissolution.

What this preparation looks like can differ from person to person. However, certain steps typically apply to most cases, and you may want to ensure that you at least look over these areas before jumping straight into your case.

How can you prepare?

Much of divorce revolves around separating your life from your spouses. Often, this focuses significantly on assets. As a result, you may want to ensure that you understand the ins and outs of your marital finances and have records of the various accounts you hold individually and with your spouse. Remember, even if you think an account is your separate property because it is solely in your name, that may not be the case. Most assets accrued after marriage are considered marital property.

Some other important steps to take when prepping for divorce include the following:

  • Decide whether you want to stay in the marital home with your soon-to-be ex, move out or see if your ex will move out.
  • Assess your credit and determine what moves you could make to ensure that you have solid creditworthiness on your own.
  • Determine what you want from the divorce, which can include assets and other matters, such as a particular custody arrangement if you have kids.
  • Close joint credit accounts that you hold with your spouse to avoid him or her running up a balance that you would also be responsible for.

Your individual personal matters will also play a role in how you choose to prepare. Still, you would be wise to ensure that you understand your legal rights and options when it comes to ending your marriage. Because divorce laws differ from state to state, you may want to ensure that any information you obtain is applicable in Pennsylvania. Without the right information, you could find yourself in a difficult predicament that costs you time and money as you work toward your desired outcomes and new chapter in your life.