Photo of Professionals at McCoy Fatula, APC
Photo of Professionals at McCoy Fatula, APC

Taking care of finances after getting a divorce in California

On Behalf of | Oct 17, 2018 | Divorce

Marital splits can cause all sorts of anxiety in many areas of life. One aspect of life that divorce may affect is financial. Suddenly, a two-income household becomes two separate households, usually with one income earner in each place. When a California couple divorces and the financial situation is a complex one, it may take months to reach an agreement. Individuals need to be prepared to deal with the financial picture moving forward as singles.

There are many things to take into consideration such as credit and making sure all joint credit cards are cancelled. Each person should establish a credit rating in his or her own name. Any estate plans should also be updated. Legal documents should also be changed as should the beneficiary of a life insurance policy if a former spouse is named.

The marital home should either be sold or the mortgage refinanced in the person’s name who is going to be keeping the house. Any retirement plans should also be considered. All these issues can be spelled out in a separation agreement that addresses things like spousal and child support and also specifies who gets what and when.

By having all the details included in a written agreement, this part of the divorce process becomes less complicated. A California lawyer will be able to help his or her client to come to an agreement with a former spouse regarding the financial aspects of a divorce. Moving ahead knowing that the financial situation is on even ground will make living the single life much easier. 

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