The legal process of dissolving a marriage can be time-consuming and daunting. Once California divorce proceedings commence, there are a slew of decisions to be made. Tackling these legal matters head on can help to ensure all important interests are protected.
Financial accounts are big area of concern when getting a divorce. This goes beyond checking and savings accounts, though. Retirement accounts also need to be considered when ending one’s marriage, as they, too, may be subject to division. Before accepting a final asset division settlement, it is good to take time to review how splitting up certain financial accounts will affect one’s future economic standing.
Beneficiary designation is another concern for those seeking a divorce; however, it is not something that can usually be dealt with until the dissolution has been finalized. Typically, a person designates his or her spouse as a beneficiary for estate planning documents and insurance purposes. After a divorce decree is issued, it is important to revisit these documents and decisions. Changing beneficiaries should be done as soon as possible. This can affect children and their future also.
Immediate and long-term changes will occur in any divorce, regardless of the level of contention or even if both parties are eager to dissolve the marriage. With the assistance of legal counsel and financial advisors, California couples who are seeking divorces can gain greater understandings as to how their dissolutions affect accounts, other legal documents and important financial matters, now and later. This will help both parties not only reach a fair resolution, but also prepare them to take the necessary steps to protect their personal assets after the divorce process is completed.
Source: forbes.com, “The First Thing You Must Do When Your Divorce Is Final“, Mark Eghrari, Aug. 14, 2016