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August 2017 Archives

The impact of divorce on finances

There is no doubt that divorce can have serious financial consequences. These changes may take some Pennsylvania residents by surprise. It is important for people whose marriages are coming to an end to understand how a divorce may affect their financial situation both during the process and when it is resolved. Remaining secure after a divorce may require people to change how they think about finances.

Avoiding penalties with retirement account division in divorce

Early withdrawal of retirement funds from any tax-sheltered account typically results in a tax penalty. However, there are ways around this during a divorce in Pennsylvania. Current and former federal workers may have a Thrift Savings Plan, which is treated differently from an IRA, 401(k) and other private sector accounts. After a couple or the court decides to divide funds stored in a TSP, certain language will have to be included in the final settlement.

Closing joint bank or credit card accounts

If Pennsylvania residents want to close a joint bank account, they may be wise to get permission from the joint account holders. Good communication prior to closing the account may reduce the possibility of a misunderstanding as to where the money goes. When a couple has a joint account and decides to end their marriage, it will likely be necessary to split the money.

Without children, who should keep the house after a divorce?

When you and your spouse choose to divorce, it can often seem overwhelming to suddenly face the many issues divorce presents. If you find yourself feeling this way, don't worry -- you're not alone. Many couples have trouble connecting the dots between understanding it's time to end the marriage and actually finalizing the divorce.

Child support calculators do not include all circumstances

Pennsylvania parents who are considering a divorce might be thinking about how much child support they or their spouse will pay monthly. If they choose to look up the amount using a child support calculator worksheet that corresponds to state laws, they might find later on that a judge will order a different monthly payment amount.

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