Financial Considerations of Divorce in Lancaster, PA
Creating A Foundation For The Future
Of the many stresses of divorce, financial worries loom large. Two people who had formerly cooperated to share expenses now have to figure out, among other things, how to maintain two households and make arrangements for the care of any children. Divorce has never been known to be a thrifty endeavor, but it can help going into it to at least be aware of the different sorts of financial responsibilities it will entail.
Spousal And/Or Child Support
Depending on your personal circumstances, you could find yourself paying one, both or neither of these expenses. If you worked while your spouse took care of the house and/or children, it is likely that spousal support payments will figure into your divorce for a period of time, at least until your former spouse has the time to establish an independent source of income. If you have children and are not the custodial parent, child support is not optional. You will be paying child support; it’s just a matter of how much. We can discuss the particulars of your situation when you come in for your first consultation at our Pennsylvania firm.
What About The House?
Oftentimes, both members of a soon-to-be-former couple have an emotional attachment to their house. There may be reasons why one or both spouses feel entitled to keep it. But it’s important to remember that getting the house in a divorce isn’t always a good thing. Whoever gets the house will be responsible for repairs and maintenance. Job loss could mean potential foreclosure, and property values could decrease. When dividing real estate in a divorce, it’s important to consider what financial burdens could come along with it before letting emotions make the decision.
Dividing Retirement And Other Assets
All financial accounts must be taken into consideration in a divorce, including retirement accounts, investments and even credit card debts. Every situation is different; assets are not divided 50/50 in a divorce, but rather are distributed according to what’s considered to be fair. This is known as ‘equitable distribution.’ In other words, one spouse could keep the house while another keeps the retirement account, rather than splitting everything down the middle. One of our attorneys at Marinaro Law can evaluate your individual situation and advise you on what options you may have given your specific financial assets.
Don’t Let Divorce Destroy Your Finances. Call Today.
The counsel of an experienced family attorney can help immeasurably when you’re facing the stress and uncertainty of a divorce. To schedule an appointment with a lawyer at our Lancaster office, call Marinaro Law at 717-397-7055 or toll free at 866-614-6520 or use our online contact form.