Getting divorced can weigh heavily on a person emotionally, but the long-term effects can also be financial. Even if a divorce is amicable, the process of splitting assets often is not easy. A few tips may help people going through the dissolution of a marriage in California to put themselves in the best financial position possible, both short-term and long-term.
First, it is wise to avoid emotional spending during a divorce. For instance, those going through a divorce with children may feel inclined to buy the kids new toys in an effort to make up for the challenges of seeing their parents split up. However, overspending can result in overwhelming debt that can take a long time to pay off following the divorce.
It is also wise to try to split the marital assets fairly and in accordance with California community property laws. This can help to avoid conflict and enable both parties to strive toward a settlement that is as fair as possible for both parties. For instance, if both parties have accumulated debt during the marriage, both individuals might agree in our state to assume responsibility for half of the debt.
During a divorce in California, two individuals may decide to try to negotiate or mediate areas such as the division of shared property and assets. If they are unable to agree on these matters, a judge will have to make the decisions for them. Either way, both parties have the right to fight for a personally favorable income while keeping in mind the other spouse’s wishes and in accordance with prevailing law.
Source: U.S. News & World Report, “How You’re Making Your Divorce More Expensive“, Geoff Williams, Jan. 27, 2015