The choices made during the divorce process will have an affect for years to come. This is why it is crucial to be careful and thoughtful at every step, but especially when making property division decisions. Financial mistakes at this stage of the divorce process could result in complications that will affect a former spouse long-term. With preparation and planning, a divorce does not have to derail one’s financial future.
An important factor in a California divorce is to remember that temporary emotions do not make the best long-term decisions. It is prudent to view all decisions through the lens of the future. This can prevent costly money-related missteps during a divorce, which may include:
- Forgetting that retaining certain assets may come with extra costs, such as taxes and fees, that may be unaffordable
- Failing to give careful consideration to how retirement assets are divided between the two parties
- Attempting to keep the family home when it is better to sell and divide the profits between the spouses
A simple way to avoid mistakes is to learn as much as possible about all available options before making any final and important financial decisions.
A strong financial future
It is possible to have a strong financial future with stability and security after a divorce. While property division will affect savings, income and other money matters, it does not have to completely derail long-term plans and goals. This is why many in California find it beneficial to work with an experienced attorney at every step.