Understanding assets, debts important in divorce mediation

Posted in Divorce Mediation on July 24, 2018

The dissolution of a marriage in California can understandably be overwhelming not only emotionally but also financially. After all, no matter how large or small of an income bracket a couple may be in, the resources available are finite. Whether a couple chooses to go through divorce mediation or traditional divorce litigation, a few tips may help those going through divorce to navigate the financial aspect of it with confidence.

First, it may behoove divorcing couples to order their credit reports, as these reports will give them a good idea of how much outstanding debt they need to divide during divorce. It may also help them to pinpoint any inaccurate information that needs to be corrected as they go through the divorce process. Divorcing couples would also be wise to gather their important documents, such as account statements and tax returns. These documents can help them to better understand their assets.

Divorcing spouses may also benefit from tracking their spending and projecting what will end up changing financially as they split into separate households. Setting up their own credit card accounts and checking accounts is another wise move to make as soon as possible following divorce. Finally, it is best for those who are going through divorce to avoid using social media, as anything they post may be utilized against them in court.

Going through divorce in California can no doubt be complicated and stressful financially. However, if two spouses can find common ground in the area of property division or alimony, for example, they can resolve their divorce issues through divorce mediation or informal negotiations rather than going through the more stressful litigation process. An attorney can provide the guidance needed to pursue the most personally favorable outcome possible in the divorce.