Many financial changes are in store for a California spouse as he or she initiates the formal process of ending a marriage. Divorce requires the division of all marital property, which will lead to necessary lifestyle changes and other adjustments. Despite the inevitable financial changes this process will bring, it is still possible to secure terms that allow for stability and security long-term.
Considerations before divorce
Before divorce, a spouse may find it helpful to begin adjusting his or her lifestyle and making preparations for what is ahead. This starts with a close look at the individual’s personal income, expenses, liabilities and more. Making a budget based around post-divorce financial realities can make it easier to adjust to new circumstances.
The correct property division depends on both spouses accurately disclosing pertinent financial information. All community property is subject to division which could include the family home, retirement accounts, savings, real estate and more. Hidden assets or misvalued assets can have a negative effect on a property division settlement, and a spouse has the right to fight for his or her designated share of all marital assets.
A long-term perspective is key
There is a lot at stake for a California spouse during a divorce. He or she would be wise to maintain a long-term perspective during the property division process, seeking terms that will make sense well into the future. If unsure of how to do this, it may be helpful to speak with an experienced family law attorney regarding the potential options available.