When a California marriage comes to an end, it is common for those involved to be concerned about how their finances will be affected. One household becomes two, then separate budgets, expenses and savings are established as a result of divorce. Experts recommend several steps to take in order to safeguard someone’s finances following a split.
Though it can be an emotional time, it is best to remain calm and focused on financial matters at hand. Decisions will be made that will affect someone for many years, so it will be critical to keep a level head. A helpful step will be to create a detailed listing of all income, expenses, property and debt. A budget can be an integral part of the process, as it will show exactly where to focus.
Analysts stress the importance of proper documentation and setup of any financial accounts. Changes will need to be made regarding beneficiaries and other designees. There are also legal and tax implications, particularly surrounding retirement accounts.
Apart from finances, there are other ramifications after a divorce. Certain friends may drift out of one spouse’s life, or an ex-spouse may be speaking negatively. A divorce support group or other form of therapy may be vital in the process of moving forward with life. Finally, relationship experts stress the importance of learning and growing from the divorce experience. While it may take time and focus, it is absolutely possible to be happy and successful after a divorce.
Going through a divorce can be an emotional experience. It is so important to have the right team in place to guide someone through the proceedings. A California divorce lawyer can help someone understand the process and how best to move forward. A knowledgeable attorney will work for a successful outcome in the divorce for a client.
Source: entrepreneur.com, “7 Ways to Rebuild Your Financial Life Post-Divorce“, Sherri Campbell, Jan. 18, 2018