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Concluding the Divorce Process - Establishing a Plan for the Rest of your Life
You have worked hard to deal with the grief issues associated with divorce. You and your ex spouse have agreed upon a financial settlement. And, the divorce is complete. What do you do next? It is now the first day of the rest of your life!
Getting ready for the "rest of your life" must include proper financial planning. As we mentioned in our last article, you may not have received the exact settlement you had originally envisioned. Therefore, an overall financial plan dealing with the financial settlement you did receive is a must.
The importance of a financial plan is immeasurable. This plan will help define your financial objectives and what you need to do to reach them. While financial projections assisted with this during the negotiating process of the divorce, nothing is set in stone. The completion of a financial plan, now that all factors are known, allows you to know exactly what you must do to reach your objectives. Whether you need to build more assets, diversify your assets appropriately, provide for your children’s college education, or work down debt. Whatever your objectives include, a comprehensive plan will point you in the right direction.
A financial plan is a constant reminder of the goals you have set for yourself and what you have to do to achieve them. Referencing this plan often helps to keep you on track.
A financial plan especially assists you in knowing how to attain retirement security. Retirement security, one of the most important financial goals for individuals, can best be gained through solid planning. Anything else is guesswork.
Most importantly, a financial plan helps to empower you so you can succeed in the "rest of your life". If you miss this last piece at the conclusion of your divorce, it can nullify all of the hard work you have done up to this point.
If spouses cannot fairly divide the marital property, the court will divide it as fairly as possible. Marital fault is not a consideration in property division. In Pennsylvania, property acquired during the marriage is jointly owned regardless of title. The court considers the duration of the marriage, individual assets and potential for bringing in money, how much each contributed to the marital property, including homemaking, and who will have physical custody of the children.
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