There are many decisions to be made and many changes to be navigated when a marriage dissolves. Once a divorce is on the table, each party can benefit from having a clear idea as to how best to handle financial matters. Awareness of financial changes, challenges and rights can help anyone in California make informed decisions and get a fair resolution.
Debt can be a source of great concern during a divorce. Shared debt, or debt that has both party’s name on it, can be difficult because if one party does not pay, the other party’s credit can be impacted. A divorce agreement should specifically tackle the issue of any debts and clearly indicate who is responsible for what. All debts should be disclosed to ensure fairness.
Insurance is another financial matter to be resolved. Life insurance should be evaluated to ensure any children are protected in the event of the death of a single parent. Also, an update of beneficiaries should be handled quickly so wishes are clear and reflect the current situation.
It can be mind boggling and distressing to weigh options and decipher what is best for any given divorce. In California, the timeline and outcome of any divorce will depend greatly on the unique factors of each case and the needs of the individuals involved. With careful planning and legal support, anyone facing divorce can make the best decision for his or her unique situation and ensure all financial decisions and matters are handled with his or her best interests in mind.
Source: msnewsnow.com, “7 ways to protect yourself financially in a divorce”, Andrew Housser, July 18, 2016