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blog home Divorce How to Afford a Pennsylvania Divorce that Satisfies Both Parties Involved, Part I

How to Afford a Pennsylvania Divorce that Satisfies Both Parties Involved, Part I

By Sheryl Rentz on December 22, 2010

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.

You should also get financial and tax advice from a financial adviser who specializes in divorce. They will know how to properly divide 401(k) plans, real estate, and other assets to reduce taxes so more money remains with you and your future ex-spouse. They can also help you decide how to structure alimony payments, retirement transfers and real estate sales. To locate a specialist, check the website of the Institute of Divorce Financial Analysts.

If it is possible, you should try to sell your house. If one spouse decides to stay in the house but depends on the other spouse to pay for the mortgage, it can compromise the financial health and credit ratings of both spouses. It can also keep a divorced couple financially tied together long after the divorce is completed, which can be unpleasant. Many couples today are trying to negotiate short sales, which is when the house is sold at a price that’s below the amount that is owed on the mortgage and persuading the bank to accept the lower payment as full payment.

At The Law Offices of Sheryl R. Rentz, our Pennsylvania divorce attorneys can help guide you through the divorce process and make things go as smoothly as possible for you. We offer free consultations. Please call us today at 610-645-0100 and we can answer your questions about divorce in Pennsylvania. Also, be sure to check back with our blog to read the second part of this two-part series regarding how you can afford a divorce.

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Posted in: Divorce

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