Understanding the Financial Ramifications of Divorce

September 15th, 2016

understanding-the-financial-ramifications-of-divorceWhile money can be a significant source of stress in a marriage, that stress and discord can be multiplied exponentially during a divorce.

Understanding – or at least asking the right questions about – the financial aspects of divorce is important even before divorce proceedings begin. Ensuring that your finances are stable and that the final agreement reflects a fair and just division of marital property is vital to a secure financial future.

Many factors need to be taken into account, from income to child or spousal support. The proper designation of “marital property” is a major consideration, too. This article from the American Bar Association, “A Snapshot of the Financial Considerations in a Divorce,” gives a thorough explanation of the financial questions that accompany any divorce. It also describes the legal standards for marital and separate property, helping to give a better understanding of the way these terms relate to the legal questions involved in equitable distribution.

Knowing the laws in your own state, however, is crucial, as states approach matters of divorce and equitable distribution differently. For guidance on Pennsylvania laws pertaining to equitable distribution of marital property in a divorce, call the Delaware County family law attorneys at Raffaele Puppio at 610.891.6710.