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Financial tips for divorce

Getting a divorce can have a significant impact on the health of someone's finances. However, there are some steps Pennsylvania residents can take to make sure that their financial situation will be stable after a divorce.

Speaking with an attorney that can provide objective advice is necessary. Even if they have no plan to retain legal representation during the divorce, individuals should make sure that they know their rights and which legal avenues they can pursue.

Individuals who are seeking a divorce also should become acquainted with their credit history. They are able to obtain three free credit reports annually. People should check each report to see if there are new financial accounts that were opened in their name and if there are any unexpected changes to their credit accounts, which may indicate a case of identity theft.

Protecting oneself also should be a priority if there are joint financial accounts. It is not unusual for a divorcing spouse to shuttle money from a joint account to an individual account that can be accessed only by him or her. If one partner refuses to assist with the closing or freezing of joint financial accounts, such as lines of credit, credit cards or bank accounts, it may be possible for the other party to do so on his or her own. It may be necessary for a person to consult the contract he or she signed when opening the account or appealing directly to the bank for assistance.

An attorney that practices divorce law may help protect the rights and interests of clients that are going through a high-asset divorce. A lawyer may engage in litigation to ensure that complex asset division results in favorable settlement terms for his or her client. Advice may be provided on how the courts will address business assets and pensions.

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