Top Money Mistakes in Divorce

Taking certain steps to safeguard your financial footing during a divorce is important, and a recent article in Real Simple details some common mistakes to avoid to protect your cash, assets, real estate and retirement.

  • Don’t wait to assemble a support team. You can’t do it all yourself. A divorce attorney and other experts – such as an accountant, financial planner, therapist and health coach – can help you stay informed and resilient throughout the process
  • Don’t keep secrets from your team. Be responsive and thorough to any and all inquiries from those professionals, especially when it relates to all assets: artwork, collectables, jewelry, real estate, and business ventures.
  • Consider mediation. Your attorney can help you find a qualified mediator to discuss dissolution options out of court. This will save you time and money in the long run.
  • Know the value of your assets. Assets on paper may actually have different real-world worth. Retirement accounts are taxable as income, while stocks and real estate are taxed at the capital gains rate. Your divorce attorney can help you find a qualified financial advisor to help in this.

Separate and divorce can be stressful. Having an attorney experienced in family law and divorce in Pennsylvania can make the process easier. Why not contact us today to schedule a free consultation?