If a California marriage comes to an end, those involved may be faced with various types of challenges that require special attention. For instance, when someone decides to file for divorce, a topic of high priority is often finances. Especially if the person filing has been a full-time stay-at-home parent and has no regular means of income.
It helps, of course, if one already has full understanding of one’s own financial situation in order to be able to make informed decisions as the divorce process unfolds. However, it’s not all that uncommon for one spouse to rely on the other to handle such matters, which can create a bit of confusion and stress when suddenly faced with particular questions about a current financial situation. In other words, it’s difficult to make decisions about money and future financial stability if basic financial information is not known.
Making a list of all assets, debts, account information and other pertinent financial data is a great start when trying to develop a new financial plan for a new lifestyle. It also helps to look to the future to determine what one’s needs might be — for instance, how things like school tuition, taxes, transportation and housing costs will factor into the equation. If children are involved, it raises a whole new set of questions, including what type of financial support may be needed for their care.
When it comes to finances, full disclosure is the name of the game. It is unlawful to hide assets from a spouse in order to keep them from being subject to division as marital property. A California family law attorney is able to answer any questions regarding the potential financial implications of divorce.
Source: wotv4women.com, “How to assess your finances post-divorce“, Gail Saukas, March 15, 2017