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Key divorce pitfalls to avoid

It can be easy for divorcing spouses in Pennsylvania to make mistakes that cost them money. For some, it is because they have no formal financial education. At a minimum, an individual should create a balance sheet that lists their assets and liabilities. They should also be able to analyze a tax return, and an accountant or other adviser could assist the spouse in doing so.

When negotiating a divorce settlement, it's a good idea to consider one's financial situation both now and in the future. For instance, it could be worth thinking about what would happen if a job loss were to occur or some other unexpected expense were to come up. Parents should also be aware that the decisions they make could influence their children's view of money.

Creating a settlement based on the resources currently available could have long-term negative consequences for a child's education. If a job loss were to occur, it could be difficult to make required college tuition payments. By anticipating such a scenario, language can be added to a settlement dictating how it would be resolved. In many cases, parents choose to buy insurance or add other contingencies that fit their needs.

How to divide assets, who gets custody of a child and how much a parent may pay in child or spousal support are all issues that can arise after a divorce. However, it may be possible to dissolve a marriage in a timely manner by using a prenuptial agreement. These agreements are negotiated prior to a wedding when both parties may be thinking in a rational manner. An attorney could review such a document to determine its validity.

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