Pennsylvania residents like you who have a large number of assets may find yourself facing unique hurdles during your divorce. There are more things you have to consider, and more steps that you have to take to ensure that your assets are protected.
One thing you may not even think to consider is your lifestyle choices during the divorce proceedings. As stated by Forbes, lifestyle maintenance costs are frequently overlooked during the divorce process. Fair conclusions can’t be reached when you’re figuring out how to divide your finances and assets unless you know where that money is coming from, and where it’s been going. The spending habits of both parties should be taken into consideration and weighed against the incomes.
Additionally, it’s hugely important to understand where the money was going during the marriage itself. Who was paying for the bills? Was anyone in charge of large purchases like televisions, cars, or furniture? Were there ever any agreements to split payments, or did the financial burden fall to one person alone? This can help judges accurately and fairly divide up property during a divorce, as they will know who put the most money into any given purchase.
The higher your assets are, the higher your stakes will be in a divorce. For this reason, it’s of crucial importance to do everything correctly the first time, and to follow all of the laws and make sure every legality is taken care of. This includes keeping an eye on your lifestyle, which can influence asset and property division more than you may think.
For more information, contact Louis Wm. Martini, attorney at law.