Financial issues continue post-divorce

Pierre Domercq Divorce

Just because a California couple has reached agreement on the property division and child support in their divorce doesn’t mean all the financial problems have been solved. There are still a lot of details to work out, including post-divorce personal finance management.
Spouse who have no credit in their own name should apply for some as soon as possible. They also should cancel any joint accounts if they haven’t done so by now. Another thing to do promptly is to update wills and other estate planning documents. If this is not done, the ex-spouse will inherit. Along these same lines, a person should update beneficiaries on insurance policies, retirement accounts and other accounts that bear the ex-spouse’s name.
If the property division calls for the house to be sold and proceeds split, this should be done as soon as possible. If one spouse is keeping the house, they should get a mortgage in their own name. Coming up with a budget for a single person or parent with custody of their children also is important. A person’s finances change with divorce, so it is important to understand how much income one has, as well as ongoing obligations such as debt payments and living expenses.
It also is helpful to have a plan in place in case an ex-spouse doesn’t honor the financial agreement when it comes to child and spousal support.
Some divorce matters can be handled without an attorney. Others may require legal assistance, especially if a person has to go to court to enforce provisions in the financial settlement agreement. A divorce attorney may be able to assist by doing required paperwork and representing their client in court.