Outcome of divorce can impact finances going forward

After filing for divorce, a person may struggle with varying emotions. The individual may be relieved that he or she finally took the necessary step to end an undesirable marriage; however, the person might also be worried about how decisions during the divorce will affect his or her finances in the future in California. This is especially true if one may be dealing with finances in regard to child custody issues as well.

It is wise for people to protect their assets when getting married. A prenuptial or post-nuptial agreement can be particularly helpful whether a person is getting married for the first time or has decided to remarry after a divorce. Sometimes it is not wise for individuals to combine all aspects of their finances when they are entering blended marriages. This is because one person might wish to pass down family heirlooms or assets that he or she brought into a new marriage -- but to his or her own children in particular.

Financial advisors can help parents who have gotten divorced and remarried to ensure that their children get the particular inheritance that the parents want them to have. The advisor can also help a person going through a divorce or a new divorcee to sort through his or her finances, particularly one that alimony payments or child support payments may complicate, for example. Taking these steps allows people to protect their financial security in the wake of divorce.

When two people get divorced, they can try to negotiate how to split their assets. If they can’t do so, a judge will divide their marital property 50-50 for them in California. An understanding of relevant divorce laws will help people in our state to look out for their best interests at each level of a divorce proceeding.

Source: hawaiireporter.com, "Financial Bliss for the Blended Family", Shirley M. Ikehara, July 7, 2014

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