How to Handle Investments During a Pennsylvania Divorce
Every January, there is a significant spike in marital splits. It is unclear if this increase in the number of divorces is a result of heightened tensions during the holidays, but every year, a substantial number of families fall apart in January. If you are one of the many individuals who are about to go through a divorce, you are probably worried about how your divorce will affect your children, your property and your investments.
There are steps you can take during your divorce to protect your long-term financial future. First of all, you should consider this as an opportunity to tweak your retirement strategy. The way you set up your retirement with your spouse may have been too aggressive and risky for your savings goals now that you will be single. This is your chance to set your portfolio in a manner that makes you feel comfortable and secure.
You should be aware, however, that your divorce could impact your taxes. In fact, you may be liable for mistakes made by your spouse with regard to taxes. If your spouse broke the rules and there is now a deficit with the IRS, you may be held liable. If you sign the tax returns and had knowledge of the deficit, the IRS could go after you even after the divorce.
In addition to your taxes, your everyday finances will change quickly. Before starting the legal process, you should separate your finances so that you will have access to credit and cash. Get a credit card and checking account in your name. Then, you should gather your financial documents and seek guidance from a Pennsylvania divorce attorney who will fight to protect your investments.
Your family law attorney can connect you with a forensic accountant who will help you detect any investments your spouse is trying to hide from you. Your attorney can also help you separate your financial and emotional investments, so that your best interests are protected.
Law Offices of Sheryl R. Rentz, P.C. can help you navigate a divorce. Call us today at (610) 645-0100.