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The need for advice for finances during divorce

The idea of going through a divorce might be stressful, which could prompt some Pennsylvania couples to attempt to rush the process in order to put it behind them. However, a rushed divorce can lead to serious financial difficulties for one or both parties. It is helpful to enlist the aid of a financial adviser during the process to ensure that the matter's financial implications are considered carefully.

The ideal time to involve a financial professional is at the outset. Doing so prior to actually filing for divorce may allow time to gather information about marital assets and liabilities. This also provides time to review credit reports and to begin streamlining credit accounts and other debts that could lead to long-term entanglements even after the matter is finalized. A lack of awareness of second mortgages on a home, secret credit cards or hidden bank accounts could result in a settlement that seems fair but that is actually slanted in favor of one individual over the other. With professional evaluation of one's marital finances, these issues are less likely to crop up as unpleasant post-divorce surprises.

People might have certain assets in mind as they enter into property division discussions. However, an adviser might point out the benefit of seeking different assets. The adviser might also provide an understanding of how certain assets will affect one's tax returns in both the immediate and distant future.

Legal counsel is also important during divorce proceedings as assets are evaluated to determine which are subject to property division. In complex situations such as dividing a family business, a lawyer might be helpful for negotiating terms for a client to buy out the other party's share. Additionally, a lawyer can be important for formalizing terms so that a settlement can be enforced in the future with regard to spousal support and visitation issues.

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