There Is Still Work to Do After the Divorce Is Final
On behalf of Scaringi Law posted in Family Law on Wednesday, January 25, 2017.
Pennsylvania residents who find themselves newly single might think that the process is over once they leave the courtroom. In fact, there is often more work to be done after the divorce is final. At least some of the provisions of the settlement agreement or decree require additional work, and each party needs to figure out what his or her post-divorce financial situation really looks like.
During the property division phase of the divorce, certain property and debts were awarded to each Pennsylvania resident. Now is the time to make sure those assets and liabilities are properly transferred to the appropriate party. For example, if one party is keeping the house, the title needs to be transferred into that person's name alone, and the other party needs to be taken off any mortgage loan debt. The same goes for any other assets and debts. Failing to ensure these steps are taken could cause each party difficulty in the future.
Now that real numbers are associated with the preliminary budget created during the divorce, any tweaks required in order to reflect a party's true financial situation need to be done. The receipt or payments of child support and/or alimony need attention as well. Now that the same money is supporting two households, further adjustments need to be made to how each party will live.
Completing these tasks could take some time, and in some cases, time is of the essence. Do not proceed on the assumption that there is no rush in getting these details handled. Each party's financial future depends on carrying out the responsibilities agreed to in the divorce. After all of the post-divorce tasks are completed, each party can begin his or her new life.
Source: 13newsnow.com, "9 things you should do after a divorce to save your finances", Janet Berry-Johnson, Jan. 19, 2017