Financial Issues in a Divorce

By Sheryl Rentz on July 25, 2012

A couple deciding to end their marriage and pursue separate paths is always a tough and complex decision; however, the number of complicated issues that may arise during the process of divorce can undoubtedly add additional stress to an already challenging situation. As a Pennsylvania divorce financial issues attorney, Sheryl R. Rentz recognizes how difficult the divorce process is for the parties involved and knows that one of the more contentious issues in a divorce may regard the couple’s financial issues.

For any person who has made the decision to divorce, or is already going through a divorce proceeding, here is more information on three potential financial issues that may arise:

1. Dividing debt: Deciding who will be responsible for the debt a couple has incurred can be complicated, but a pair should begin with calculating how much they owe. Obtain a copy of your credit reports from the three major credit bureaus and identify what debt is shared. After determining this, an agreement should be established as to who will be responsible for paying the debt or if it will be shared equally.
2. Tax issues: Overlooking the tax implications of a divorce can cost a divorcing couple thousands of dollars. Examples of tax issues include: deciding who will claim the head of household status, who will get the tax exemption for dependents, and which attorney fees are tax deductible.
3. Retirement plan issues: If your spouse has retirement savings, you may be entitled to half by law. This money can be used towards your own retirement or for other expenses, such as relocation or for a down payment on a new home.

The financial issues in a divorce can be quite complicated, and to ensure your rights are protected during a divorce, you should seek assistance from an experienced divorce attorney. Sheryl R. Rentz has the knowledge and skills to efficiently handle your divorce and any related issues that may arise. To discuss your case, schedule a complimentary consultation by calling (610) 645-0100.