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Financial steps to take during property division

Would you believe that taking four simple steps could adequately prepare you for almost any divorce situation? If you are feeling nervous about your Pennsylvania property division proceedings, you can take action now to protect your assets and interests, according to financial experts. Taking the time to appropriately prepare for the division of your marital property can help expedite your divorce, helping you get back on the road to financial independence in no time at all.

Being prepared for a divorce simply means that you have a strong grasp on your assets, your debts and general income and expenses. During property division, you want to make sure that you are not stuck with additional debts that do not belong to you. If you do not have paperwork to correctly catalog your holdings and debts, you may find yourself in a difficult situation that could compromise equitable division practices.

To prevent this type of negative circumstance, experts say it is critical to take the following steps. First, make sure that your financial paperwork is in order before you begin divorce proceedings. This is where your personal financial inventory plays a role. Then, divorcing spouses need to make sure that they have access to their own individual credit -- not that associated with their spouse. Independent bank accounts are also critical during the division of marital property.

Next, divorcing spouses should ensure that they have sufficient financial resources to get through the property division. That means that you should have enough money to live on and pay basic bills until the divorce is decided. Finally, assembling a qualified divorce team that includes an attorney and a financial planner should be your last initial step. With a bit of financial preparedness, you can speed your own marital property division, expediting your divorce and helping you get on to the next stage in your life.

Source: Forbes, "Perspective And Preparedness For Divorcing Women" Jeff Landers, Jul. 23, 2014

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