When a California couple or another elsewhere in the country makes the decision to end their marriage, there is often a sense of great relief. However, that feeling of relief may change to one of apprehension when someone realizes all the issues that must be addressed in a divorce. Certainly, if the couple has children, matters surrounding their care and upbringing are first and foremost in the deliberations. Apart from that, questions regarding finances are prominent in most couples’ minds.
One of the first issues to address is ongoing financial stability while the divorce is not yet finalized. It is important to determine if both parties have sufficient funds to meet their immediate needs now that they are living apart. The couple may even decide to establish a temporary period of spousal support while the divorce is ongoing.
A couple should start with developing a list of all debts and assets. Included in this list should be all sources of income, expenses and debts. While this sounds like a basic requirement, it may prove to be difficult if one spouse never took part in financial activities in the home before the breakup.
It is beneficial to be as specific and detailed as possible when listing assets and debts. Couples should be forthcoming with bank statements, retirement account information, insurance policies and real estate documents. While the amount of information may appear to be overwhelming, it would not be wise to withhold any data as it may appear someone is trying to hide something.
Going through a divorce can be an emotional experience for those involved. A California divorce attorney can help someone navigate through the legal process and ensure that their financial questions and other needs are being addressed. A knowledgeable lawyer will work with clients to achieve the best results possible in a divorce.
Source: flagstaffbusinessnews.com, “Financial Considerations in Divorce“, Jenny Staskey, Jan. 18, 2018