When a marriage ends in California, there are often major changes in the lives of those involved. One area that experiences significant changes following a divorce is finances. Experts stress the need for affected parties to seek assistance in a divorce.
Financial advisors recommend that a person seek the advice of several key professionals when addressing decisions during a divorce. It is helpful to work with an attorney and a financial expert throughout the process. An individual should also thoroughly understand his or her financial situation. A profile of personal accounts, debts and assets should be created.
It is also wise to list all expenses and create a budget, because this helps as the parties attempt to divide assets between them. A couple should determine how assets will be divided. Some states use the equitable distribution method which seeks a fair division of assets after defining assets as individual or marital property. However, California is a community property state, meaning that all property or debts acquired during a marriage belongs equally to the married couple. Special handling will be given to those assets outlined in a prenuptial agreement.
Considerations will be made for other items such a child support, spousal support or expenses for a college education. Some expenses may be temporary, while others are defined as permanent. A temporary expense can be in place even before a divorce is final, such as rehabilitative support given an until ex-spouse is able to become self-supporting. Permanent expenses are in place until one of the spouses dies or marries again.
Going through a divorce is typically a stressful event. It would be helpful to seek the input of a California divorce attorney for guidance during the divorce process. A knowledgeable lawyer can help a person navigate through the complex legal process and work to obtain a favorable outcome in the proceedings.
Source: kare11.com, “Navigating divorce while keeping finances straight“, Kim Insley, Sept. 13, 2017
