Divorce is going to change virtually every area of your life, and you are going to want to make choices now that will make sense long term. It can be overwhelming to know that what you decide now will affect you the rest of your life, but thankfully, you can feel more confident simply by prioritizing the right things. There is a lot at stake during a divorce, but securing a strong future is possible.
You are probably worried about several things when facing a divorce, but it is normal to be particularly concerned with your finances. If you are settling your divorce out of court, you are avoiding the stress of litigation, but you still have to focus on fighting for a fair and reasonable agreement. You may have to set aside temporary emotions and how you feel in the moment to focus on the long term.
Where should you start?
One of the most important steps in securing a strong financial settlement is to prepare for what is ahead. Whether you've already filed for divorce, are in the midst of discussions or you plan to file soon, preparation is key. Some of the things you will want to consider doing before or during your settlement discussions include:
- Take the time to understand your finances. This is especially important for individuals who did not have a direct hand in the money management during the marriage.
- It is not prudent to make hasty decisions. Take your time when agreeing to terms, making sure you understand both the benefits and the potential drawbacks of the choice.
- Even if you are years away from retirement age, do not forget the importance of dealing with your long-term savings in a way that will make sense well into the future.
- If necessary, speak about your financial decisions and options with a financial planner who is invested and concerned with your long-term well-being.
- Before you agree to terms or make any decisions, consult with your legal counsel to make sure that you understand exactly what you are doing.
These considerations can help you lay the foundation for a strong and prosperous future. The terms of your financial settlement matter, and you have the right to diligently and tenaciously pursue your fair share of marital property and what you need to move forward with confidence. If you are unsure of where you should start, you may want to speak with an experienced Pennsylvania attorney about your case.