How To Avoid Financial Mistakes When Getting A Divorce

Ending your marriage is an emotional, stressful, and overwhelming process. You may not know the next steps to take, or understand that there are also some mistakes you can make that can make your divorce more costly. Divorce is already expensive enough. While there are some costs you cannot avoid, such as the filing fee, there are ways that you can lower the cost of your overall divorce. Below, our Media divorce lawyer explains what these are.

Fighting for the Family Home 

There are many issues to resolve during divorce but one of the most common contentious of these involves the family home. Perhaps you want to fight to keep the home after divorce so the children will have more stability once the case is finalized. Maybe you simply want to avoid the additional stress of moving, or you have a lot of emotional attachment to the home. In some cases, people fight to keep the family home only to spite their spouse.

Regardless of why you want to fight for the family home, you must first determine whether keeping the property will place an unnecessary financial burden on you. Consider that you will be responsible for paying the mortgage, insurance, property taxes, the cost of upkeep, and more. These costs pose a challenge when you have two incomes to pay for them but with just one, it may not be feasible. Before you fight to keep the home, first determine whether you can afford it.

Setting Unrealistic Expectations 

Property division in Pennsylvania follows the equitable distribution model. Under this model, during a divorce marital property is divided fairly, which does not necessarily mean equally. It is important to work with a Media divorce lawyer who can advise on what property is considered marital, and what is considered separate. A lawyer can also help you prepare a strategy to keep property that is most important to you, such as a business you own, even if it means relinquishing other assets. No one walks away from a divorce with everything, but an attorney can help you set realistic expectations.

Hiding Assets 

If you have valuable property, you may be tempted to hide it to shield it from the property division process. This is a mistake. The property will be discovered and the court will use the fact that you tried to hide it against you. Gifting, transferring, and selling property can also be used against you. If you need to dispose of property during divorce, always speak to an attorney first to make sure it is done properly.

Work with Our Divorce Lawyer in Media 

The best way to ensure that you avoid making mistakes in your divorce case is to always work with a Media divorce lawyer. At Barbara Flum Stein & Associates, our experienced attorney can provide the legal advice you need so you can make informed decisions and obtain the fairest settlement possible. Call us now at 610-565-6100 or chat with us online to schedule a consultation and to learn more about how we can help.

Sources:

legis.state.pa.us/WU01/LI/LI/CT/HTM/23/00.035..HTM

legis.state.pa.us/cfdocs/legis/LI/consCheck.cfm?txtType=HTM&ttl=23&div=0&chpt=33&sctn=1&subsctn=0