Preparing for property division, alimony is a wise move

Posted in Property Division on November 29, 2018

Going through the dissolution of a marriage in California can understandably be a challenge from an emotional standpoint. However, divorce can also pose financial challenges no matter a person’s net worth. A couple of steps, though, can help people to safeguard their finances as they navigate matters such as property division and alimony during the divorce process.

First, an individual who is planning to file for divorce might want to become familiar with his or her financial assets. The unfortunate reality is that women especially have a tendency to remain clueless about their financial situations, which puts them at a disadvantage in divorce proceedings. However, if they take a close look at their tax returns, bank statements and financial accounts, they might gain helpful information for negotiating the distribution of their marital assets during the divorce process.

Also, it is generally a good idea to keep spending like normal in the months leading up to the divorce. After all, the court might develop a post-divorce budget that mirrors the family household’s pre-divorce budget when determining how much alimony one spouse should pay the other one. This is why cutting back on spending prior to getting divorced may actually be detrimental to those who plan to seek alimony.

If two divorcing spouses in California can agree on how to handle financial issues such as property division and alimony, they can work together to produce a settlement agreement that reflects both of their wishes. In this way, they can avoid further court intrusion. However, going through traditional divorce litigation is unavoidable sometimes if the spouses cannot find common ground. Either way, an attorney can provide a spouse who is getting divorced with the direction he or she needs to pursue the personally best outcomes possible given the circumstances surrounding the marital breakup.