Divorce can pose financial challenges in California

| Jan 1, 2015 | Divorce

A divorce may give a person the freedom he or she desires to pursue other more fulfilling romantic relationships, but it can also lead to financial duress. This is because, when a family’s wealth is divided in half between the two divorcing parties, each party may feel as though he or she has to start all over financially. A few tips may help those going through a divorce in California to protect themselves from a monetary point of view.

First, it may help to use a mediator to resolve divorce disputes. A mediator is a neutral third party who can help the two individuals to work amicably toward a settlement that meets both of their needs. Through mediation, the two parties can avoid litigation, which is more costly and can also cause more stress.

Second, it is wise to consider whether one really needs to keep his or her marital home. People often become attached to the house, but trying to maintain the home without the help of a former spouse may pose a financial risk to them. It is also important to check asset valuations during a divorce, as the valuation of assets such as stock portfolios or houses can quickly change over short periods.

Getting divorced is often a complicated process, especially if two individuals have acquired a large number of assets over the years. However, proper legal guidance may help a person to fight for his or her fair share of assets and avoid being cheated by a soon-to-be ex during this type of family law proceeding. Both parties during a divorce in California have the right to pursue an outcome that is in their best interests.

Source: yourmoney.com, “Christmas convinced you to leave? Financial tips for dealing with divorce”, Cherry Reynard, Dec. 26, 2014

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