In our last blog post, we discussed financial considerations that couples who are divorcing in Pennsylvania need to take in order to gratify both parties, as highlighted in a recent Reuters article. This post marks the conclusion of the two-part series, and will talk about several other items that divorcing couples need to spend time deliberating over during the divorce process in Pennsylvania.
You will need to discuss paying for your children’s future college tuition bills with your soon-to-be ex-spouse. Statistically, children whose parents have divorced are less successful at completing college than children whose parents’ marriage is intact. Often this can be attributed to the failure of parents who have divorced to come to terms with who will pay the tuition bills. You and your future ex-spouse need to have a specific arrangement on this. Be clear what percentage each party will pay of the tuition bill, and agree to adjust the amounts in the future to allow for inflation. Read the rest »
A recent article published by news outlet Reuters discusses ways that the everyday person can afford a divorce. Most people can’t afford paying huge divorce settlements like most celebrities do these days and move on with their lives, particularly during the current economic climate. Many troubled couples are finding it difficult to split up at all, with many couples deciding to continue to cohabit even as they file for divorce in Pennsylvania because they aren’t able to sell their house. Many people don’t want to agree to pay costly alimony payments because they’re worried about the weakness of the job market. Discussing paying for their children’s medical care and future tuition bills that are far into the future can seem insurmountably high and impossible. However, staying together for the sake of finances probably isn’t the best option, as the relationship is likely to continue to deteriorate and the children may suffer more.
One of the most critical things that a couple going through the divorce process in Pennsylvania needs to do is obtain a clear picture of where they stand financially. Add up credit card bills and find out how much the house is worth in today’s market. If you think your soon-to-be ex-spouse is hiding money from you, hire a certified public accountant who specializes in finding hidden money (also referred to as a forensic specialist) to make sure all the assets between the two of you are known. Read the rest »