A report from a large wealth management firm has revealed that married women still tend to fall into traditional gender roles when it comes to long-term financial decisions and investing. Among married women, 56 percent reported leaving most financial affairs to their husbands. A chief strategy officer at the company called the hands-off approach financial abdication. When women stayed out of the loop about their marital finances, spousal death or divorce frequently involved financial surprises. Older Pennsylvania couples headed toward divorce may want to keep this in mind.
Organizing financial documents before divorce
Pennsylvania couples who are considering divorce might want to do some planning and organizing before beginning the process. This can save time, money and the complications of having to gather the documents after the process begins.
Why couples choose mediation
Pennsylvania residents who are getting divorced may be able to end their marriage with a negotiated settlement. Divorce mediation may be an alternative to litigation for those who want to come to an agreement through communication and understanding. The goal of mediation is to work with a neutral party to create an agreement that is fair and that adheres to state law. In many cases, mediation can be less expensive and take less time to complete compared to a lawsuit.
Divorce and the division of retirement accounts
For many Pennsylvania couples going through divorce, it's necessary to split retirement accounts. Taking an early distribution from a retirement account usually results in having to pay taxes and penalties. In the event of a divorce, however, this can be avoided if the couple completes the proper paperwork and handles the distribution correctly.
Preparing for a possible divorce
There are a number of ways that people in Pennsylvania can protect their finances in case of divorce or the death of a spouse. A prenuptial or postnuptial agreement can be used to keep finances separate and outline how assets should be divided in case of divorce. While some people might feel that this kind of agreement indicates that the participants are cynical about marriage, some say it's no different than putting on a seat belt in case of an accident.
What to know about divorce before turning 30
It isn't easy to get divorced no matter how old someone is when it occurs. However, there may be special challenges experienced by Pennsylvania residents or others who get a divorce before the age of 30. For instance, their friends or other members of their support network may not be able to relate to their situation. That can make it difficult to offer condolences or words of encouragement.
Options for where to live after a divorce
One of the decisions Pennsylvania couples may have to make during and after a divorce is where to live. If the couple owns a home, one person may keep it and continue living there, or they might sell it. Both might then go on to purchase or rent other homes.
Avoiding money issues that can lead to divorce
Financial stress often leads to Pennsylvania couples getting divorced. It is important for people to make sure that they are on the same page as their partners when it comes to money before they get married.
Divorce and health insurance
When couples in Pennsylvania decide to divorce, personal finances are often a primary concern. Initially, the couple may be focused on closing joint accounts, paying off shared credit cards, establishing support obligations and selling the marital home. A significant consideration that may be lost in the shuffle is that of health insurance.
How to handle divorce as a startup owner
When a couple gets a divorce in Pennsylvania or elsewhere, it may be necessary to divide assets acquired during the marriage. A business generally qualifies as an asset that may be divided in a divorce settlement. However, there may be some question as to how to split a startup company if it has yet to be monetized. One way to handle this issue may be to create a prenuptial agreement.
