Divorce does not have to come with financial shock

| Jul 19, 2018 | Family Law |

One of the main worries people have when getting divorced is usually related to financial issues. For Pennsylvania residents who think divorce is a possibility or who are about to start the process, divorce does not have to come with financial shock if they educate themselves about their financial status beforehand.

According to a survey conducted by the online marketplace Worthy, there are some issues that tend to surprise people during divorce. These include lack of knowledge about how much it costs to get divorced, how much health care costs and not knowing the actual size of the marital debt, including their mortgage, credit cards and other types of loans. This survey, which focused on women, found that while 38 percent of women over 55 were concerned about retirement over the next five years, only 19 percent of millennial women shared the same concern. It also revealed that boomers were less likely to be surprised about their financial situation than millennials since 23 percent of women 18 to 54 years old left all financial matters to their husbands compared to 18 percent of women 55 and over.

Though the survey’s findings related to women, experts’ advice remains the same for both sexes when it comes to family law issues, including finances, when preparing for divorce. The most important thing for people to do is learn about their financial state, including the marital and individual expenses, before divorce negotiations begin. This will make life after divorce much easier.

Individuals who are about to begin the divorce process might also consult with a lawyer who focuses on family law and can help them organize their paperwork and documents in preparation for the process. An attorney can explain state legislation and the different options available as well as assist his or her clients with making decisions that will affect their lives after divorce.

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