Financial Factors When Settling a Divorce

Divorce, for many people, is an extremely difficult and stressful process that can lead to hostility between both parties. If you or someone you know is going through a divorce, it can be beneficial to consult with an experienced financial advisor to help you through the process and to help you understand your financial settlement. The following are a few tips you should take into consideration:

  • Have a thorough understanding of your finances. This means that you should know all your income sources, as well as how much you are spending on expenses. You should also understand different tax law changes.
  • Avoid making huge financial decisions. Big financial decisions include opening new accounts and closing old ones. It is best to wait or discuss your decisions with a financial advisor before going through with them. You should also be consulting with your attorney before making changes as you may not be aware if certain changes are illegal.
  • Focus on assets that will help you sustain a comfortable living. These assets include stocks and other income, as well as rental properties. You should avoid putting all your focus into emotional assets.
  • Stay calm and think things through. The stress from a divorce can leave you feeling overwhelmed, which in turn can tempt you into making spur of the moment decisions. However, it is important to stay calm and think every decision through, as certain decisions can have negative repercussions. Keep in constant contact with your financial advisor and attorney. Your financial advisor can assist you in coming up with a comprehensive financial plan.
  • Consider your financial needs post-divorce. A divorce can change your entire lifestyle either positively or negatively. You may not be able to afford the things that you are used to having after your divorce. It is important to consider how your future financial needs will look and then act accordingly.
  • Children should come first in a divorce. It is important to take your children’s expenses into consideration before anything else. If possible, try to figure out which parent will cover certain things.
  • Consider mediation. Mediation is less expensive than litigation, which can leave you with huge bills and lawyer fees. Mediation gives you and your ex-spouse the opportunity to discuss your disputes with a third-party. This person can assist the both of you in coming up with a settlement.

Bucks County Divorce Lawyers at Freedman & Lorry, P.C. Represent Clients Going Through a Divorce

If you or someone you know is going through a divorce, contact a Bucks County divorce lawyer at Freedman & Lorry, P.C. Our experienced lawyers will fight to obtain a settlement in your favor. For a free consultation, contact us online or call us at 888-999-1962. Located in Philadelphia, Cherry Hill, New Jersey, and Pinehurst, North Carolina, we serve clients throughout Pennsylvania.