Money is the one of the most common issues when a California couple is navigating the process of ending their marriage. Each side wants to ensure his or her long-term financial security, but it is also just as important to prepare for the financial realities of divorce. By having a practical perspective and reasonable expectations for post-divorce finances, one may be in a better position to fight for his or her long-term interests.
The financial realities of divorce
Anyone going through a divorce will experience lifestyle and financial changes, especially in the immediate aftermath of the finalization of the process. One of the most practical things one can do when preparing for divorce is to account for expenses and costs, working it into a reasonable budget. Areas to consider include:
- Lifestyle and entertainment
- Personal care
- Health care needs
- Child-related costs
- Gifts and savings
It is important for a California spouse not to underestimate the cost of living on one income, even with the possibility of receiving spousal support. It is best to plan now for what will be needed in the future, that way one is not simply reacting to offers made by the other party.
A strong financial future
With preparation and a realistic outlook on what post-divorce life will be like, it is possible to secure a fair and reasonable final order. With the right terms, one can have stability and financial security long-term. While adjustments and changes will be necessary after a divorce, one can take steps to prepare well and have confidence regarding his or her future interests.