When facing a divorce, some couples in Pennsylvania may expect to continue the lifestyle they led while married. However, when a marriage splits, so do the finances. People who are contemplating a divorce can take some steps beforehand to plan for their financial situation afterward.
While the divorce of Jennifer Garner and Ben Affleck may be news due to their celebrity status, there are lessons that many people can take from their case. For instance, the couple is planning to divorce just before their 10th anniversary. Although it is unlikely to be much of a factor for them, waiting to dissolve a marriage until after reaching that milestone could enable one or both parties to claim additional Social Security benefits.
Pennsylvania couples who are going through a divorce may not give the financial aspect of the process the attention it warrants. Emotions can make it difficult to make the right financial decisions and often lead to serious mistakes. One of the most common financial mistakes made at this time is when one spouse is unaware of some of the couple's marital property or of general household finances.
When people have been married for a long time, they often have built up significant assets, including such things as retirement accounts. When they divorce, 401(k) accounts are often considered to be a part of the marital estate, and thus are subject to division.