When wedding bells are ringing in California, the idea of dissolving a marriage is likely far from a couple's minds. However, over time, the two spouses may realize that divorce is unavoidable since they simply cannot resolve their differences. Being prepared for the financial aspect of a divorce is paramount in California.
The process of getting divorced can feel like a financial and emotional roller coaster. The emotional aspect of divorce can be especially challenging for the children to navigate. Unfortunately, the rate of divorce is around 50 percent for today's first marriages and nearly 60 percent of second marriages.
When children are involved in a divorce, how to take care of them is the most important question a couple may ask. Whether one is the parent who has custody of the children or is the parent who will have to send child support checks, keeping the best interests of the children at the forefront of financial decisions is paramount. This is true whether a divorcing couple is trying to reach a settlement on their own without further court intrusion or has to take their unresolved issues to a judge to sort out.
Resolving issues such as child custody outside of court in California can be beneficial because divorce negotiation or mediation, for example, are much more amicable processes than traditional litigation. Through alternatives to litigation, a couple can work together on a parenting plan and make financial decisions that allow both of their desires to be met while, most importantly, considering what is best for the children. This is especially helpful for those with young children, as they will have to co-parent in the years ahead. Learning how to work together early on will put them in the best position to co-parent successfully long term.
Source: cbslocal.com, "Financial Roles: What You Need To Know When You're Somebody's Ex-Spouse", Dee Lee, Aug. 15, 2017