Finances and divorce

Pierre Domercq Divorce

Finances are often a concern when California couples decide to end their marriage. There are, however, ways that people can prepare for an impending divorce.
People should be careful of whose financial advice they choose to follow. If there is any uncertainty about whether it is wise to change financial accounts or move money, an attorney that is licensed in the state in which the divorce will occur should be consulted. In addition to being a valuable tool when creating a budget after a divorce, records of household expenses and income can be helpful to the divorce attorney. The judge may also consider them when determining how debts and assets should be divided and if it is necessary to award child and spousal support.
Once a divorce is a certainty, individuals should start gathering documentation related to their financial assets and debts. The documents should include statements for savings and checking accounts, ledgers for auto, personal and mortgage loans, credit card statements, retirement account statements, and pay stubs.
No significant financial decisions should be made immediately prior to the divorce. Changing the name of beneficiaries for wills or retirement accounts will be done during the divorce proceedings. Doing so without the approval of the court may result in significant problems.
A family law attorney may assist individuals throughout the divorce process. There are a variety of ways to handle the situation that do not require engaging in a prolonged and expensive court battle. In many cases, the couple’s respective attorneys can take part in negotiating a comprehensive settlement agreement that the court can approve.