On behalf of the Law Office of Smith & Horwitz posted in Property Division on Monday, May 6, 2013.
The prospect of ending a marriage is undoubtedly an emotional one. Many Pennsylvania couples could attest to the fact that going through a divorce can consume a couple’s entire existence. For this and other reasons, some couples fail to plan for the day-to-day financial issues they will face after the divorce. The process of divorce mediation may help couples do both.
Couples that are able to work together through their divorce may find they have an easier time splitting the assets and making decisions than other couples. Spending the time to review the family’s finances and make decisions regarding what assets go to who can give each party a glimpse into his or her post-divorce finances. Once each party is aware of what they are going to have in the way of income after the divorce, each party can make a plan.
As part of the mediation, the parties can consult with a financial advisor that can help each party make the most of what they will receive in the divorce settlement. Creating a budget that each party can live with and still meet their obligations can help make the split more amicable. It may be unavoidable that each party will have less money to live on, yet still have the same or even more obligations than they did when they were married.
The goal of divorce mediation in Pennsylvania is to come to a settlement that both parties feel is fair and equitable. This will only happen if each party is aware of all of the assets of the marriage and is also aware of how much income each party will be left with after the divorce is final. Working with an attorney and a financial planner during the divorce process can help guide a couple through this difficult time.