Money troubles result in more marital discord than just about anything else in Pennsylvania and around the country. However, the national divorce rate has been falling during the recent recession.
Ending a marriage can be an expensive way to obtain a fresh start. Recent estimates have priced the average American contested divorce as costing anywhere from $15,000-$30,000 for legal counsel, court fees and other related expenses alone.
Earlier this week, we began a discussion about the long list of financial considerations involved in getting a divorce, especially when children are involved. Pittsburgh residents who have made the big and difficult decision to get divorced may quickly realize that there are many more big and difficult decisions ahead.
Choosing to get a divorce is a big decision in and of itself. But once that decision has been made, there is a long list of other decisions which will need to be made as well, including many large ones that could impact the financial futures of you and your children.
Celebrity divorce settlements are absorbing for many reasons. Beyond the gossip, it can be intriguing to consider, from a legal point of view, what issues may arise during the divorce when substantial income and assets are involved. Even though the divorcing couple may be quite wealthy, however, the division of assets for higher net-worth individuals and couples during divorce follows a similar process to that which anyone seeking a divorce would find. There are some additional issues, of course, such as the valuation of the assets and the determination of what earnings should be shared in the long term. Those extra steps can also add to the cost of the divorce itself.
Many Pennsylvania couples who have recently been through a divorce would simply like to put the past behind them. However, without proper planning, that could be a recipe for a financial disaster.
During the divorce process, most divorcing spouses' priorities are set on making a definitive break from their partner, and moving on with their lives. If there is a long-term priority, it is probably the welfare of their children. A spouse's own financial needs down the road tend to get a low priority. In fact, many divorcing spouses are willing to bargain away coverage of their long-term financial needs if they believe it will make a clean emotional break quicker and easier in the here-and-now.
If you are getting divorced in Pennsylvania, a good first move would be to hire an experienced Pittsburgh divorce attorney. Doing so would take a lot of the pressure off of you, since a professional will be able to handle many of the details of the process, and guide you through many of the things that you need to do.
Most people, whether they live in Pittsburgh or anywhere else in the country, are willing to forgive a lot of faults that they perceive in their spouse. These could be little faults or big ones, but the bigger they get, the harder it is for an aggrieved spouse to overlook them. Infidelity is often cited as an example of a fault that is difficult to overlook. However, a problem that may be even more common, and cause the demise of more marriages, is keeping secrets about money. Some people call this "financial infidelity," in order to highlight how emotional the issue can be, and how seriously many people take it.