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Divorce and financial planning

On Behalf of | Nov 5, 2018 | Divorce

Many couples in California who hoped that their marriage would last a lifetime end up getting divorced. Divorce can be quite costly. There are several ways that divorcing spouses can avoid setting themselves up for future financial failure.

Divorce litigants should consider what they can really afford when they are making decisions regarding a divorce settlement. It is very tempting for many to want to keep the marital home. However, this may not be feasible after reducing a household with two incomes to one.

Some people are tempted to quit their job when facing the prospect of paying spousal support to their future ex-spouse. This can be a costly mistake because bills will continue to add up while the divorce is pending. Taking a job that pays less or not working for a long period of time can easily end up costing far more than paying alimony.

Many people forget about saving while undergoing the stress of divorce. While it can be tempting to go shopping to cope with stress and cash in retirement plans to pay for bills, this is not a smart move. During a divorce it is just as important as ever to plan for a financial future.

An attorney may be able to help clients who are facing the end of a marriage. Once a divorce is finalized, many of the terms can be difficult to change later. For example, a court is unlikely to change a property settlement agreement after a final divorce decree is entered although the court retains the power to enforce the terms of any agreement.

An attorney may be able to help clients negotiate a settlement that they can live with after the divorce. An attorney might be able to help work out issues regarding child custody, visitation and support so that clients can focus on moving forward.