McCoy Fatula, APCMcCoy
Fatula
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Consider finances during a divorce

When a marriage ends in California or in other parts of the country, some residents find themselves ill-prepared for dealing with financial issues. In many marriages, one spouse handles the majority of budgeting and financial activities, and the other has little or no knowledge about the process. This can result in an individual entering the divorce proceeding without the information needed to protect his or her interests.

A financial advisor and author has developed a checklist for those going through a divorce to use when considering finances. Asset distribution is key in divorce proceedings. A state may divide property using equitable distribution laws or consider it to be community property, like California. Whichever way property is divided, assets must be identified and valued so that they may be distributed fairly.

The issue of alimony, or spousal support, will also be addressed. Many factors are considered in determining the amount of support, such as length of marriage, income and lifestyles. Likewise, child support determination is based on a variety of factors. The child's age is the primary factor to consider for these payments for such things as shelter, clothing and food.

Finally, there are a variety of other expenses when there are children involved. Payments are required for education, health insurance, sports activities, lessons and childcare. Since these types of expenses are fluid, it would be advisable to not accept a fixed monthly payment. Rather, a person should negotiate support payments while keeping future expenses in mind.

Going through a divorce can be an emotional process. It is difficult to remember all the details that may greatly affect someone's life in the future. A knowledgeable California divorce attorney can provide valuable assistance throughout this process. An experienced lawyer will ensure that a client's needs are addressed and rights are protected in the proceedings, and work toward the most favorable outcome possible in the divorce.

Source: newsmax.com, "4 Financial Musts When Planning Divorce", Jacqueline Newman, Oct. 19, 2017

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