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Money matters when going through the divorce process

On Behalf of | Aug 1, 2016 | Divorce

No matter if a couple is getting divorced in California or another state, both parties will have to learn to move forward on their own, both socially and financially. According to legal professionals, much of an individual’s financial security post-divorce depends on how the settlement and other money issues are handled during the process.

Ensuring economic security should be in the forefront of one’s mind during divorce negotiations, experts say. As people will need to learn how to survive on only a single income, the division of marital assets should be as balanced as possible. Many factors will come in to play as a couple negotiates and works to divide assets, including whether there are minor children involved, whether a prenuptial agreement was in place and the employment status of both parties at the time of negotiations.

As an individual is preparing to work through the terms of a divorce, he or she should clearly understand any shared assets, such as real estate, 401(k) or retirement funds, and investment accounts. Taking an inventory of living expenses and the possibility of one’s income at the time of divorce being able to cover those expenses is important as well.

Divorce is often a stressful endeavor, and taking a candid look at one’s financial matters can add to the burden. Couples ending their marriage should do their best to divide marital property in a way that will keep both parties from having to struggle financially, and their respective family law attorneys can be of assistance if there are any disputes during the process.