Remember: The Financial Aspects of A Divorce Are A Priority
Divorce is one of the most emotionally-devastating things that an individual can experience, second only to mourning the death of a loved one. As devastating as the emotional impact of a divorce might be, we cannot understate the importance of staying on top of all financial negotiations and implications of your divorce. After all, a divorce can largely be seen as a financial transaction that will impact your life for years to come.
We always suggest that you consult with a qualified divorce attorney when it comes to matters such as these, but in the meantime, we have compiled a list of general tips that you can follow as you work through the complicated and time-consuming divorce proceedings as per California law.
Practice Good Record-Keeping
This one is straightforward, yet very few people practice good record-keeping discipline. Keep records of where your income is coming from, including all forms of assets that you keep separately. Make copies of all relevant documents, such as wills, trusts, financial statements, insurance documentation, and more.
Keep An Eye Out For Hidden Assets
It is not uncommon for spouses or other parties to try and squeeze some assets out before moving forward with the divorce proceedings, and this is often done via transfers, unexpected or unexplained “expenses,” or large, impulse purchases out of the joint account. Keep close tabs on all spending and be sure that cash isn’t being “hidden” via unexpected expenses or transactions.
Account For Your Future Costs
Many assets, such as that vacation house or the family business, might include future expenses as part of the “package,” and fighting to retain these assets when you can’t realistically afford to is not wise or recommended. Have an understanding of what your future expenses and needs will look like so that you can know exactly what you can and can’t do without.
These are just some general finance tips for individuals involved in or looking to get a divorce. For more in-depth assistance, do not hesitate to call the family law and divorce attorneys at Rubin & Levavi, P.C. to schedule an initial consultation session today.