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Taking care of your finances during and after divorce

Couples who are going through a divorce in California often want the divorce process to be as stress-free as possible, both financially and emotionally. As you begin the divorce process, you need to think about what the future holds for you as a soon-to-be newly single person.

In order to protect yourself financially, it is in your best interest to prepare for post-divorce life as much as possible by hiring a team of experts to help you throughout the process. Many soon-to-be divorcees find the process much easier with an attorney, financial advisor, accountant and counselor in their corner. These experts can handle the various complications that come with the divorce process and provide you with invaluable advice.

While consulting with experts can be helpful, you will still have work to do on your own. One of the most important things you can do is collect all your financial information. This includes all of your financial account records and information, from the standard checking and savings accounts to details about your pension. Keep in mind that California is a community property state, meaning that any property acquired during the marriage is community property and will be equally split between you and your ex-spouse.

You will also need to calculate your living expenses, now that you will be living independently from your ex-spouse. Some newly single people have a tough time maintaining the lifestyle they had when they were married, so it is important to have a realistic picture of what it will cost to continue living the way you used to. Many divorced people will also have to pay spousal support or child support to their ex-spouse, which can affect finances significantly.

Divorce can be a complex process, but with the right preparation and support you can get through it quickly and easily.

Source: Kare 11, "Navigating divorce while keeping finances straight," Kim Insley, Sept. 13, 2017

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