Property division can impact financial wellness long term

Posted in Property Division on April 11, 2019

Money matters can be complicated to address during divorce proceedings in California. The reason for this is that divorcing spouses must figure out all of the assets they share and then how to go about property division, including debt division. Still, a couple of tips might help those facing these concerns to protect their financial situations following divorce.

First, defining one’s post-divorce goals is paramount. As an example, an individual may decide to return to school and switch careers to achieve his or her financial vision for the future. This is a big decision, though, so approaching it carefully rather than with urgency is wise. Speaking with a financial advisor may help a person to think through such a decision and figure out how to get in the best shape financially long term.

Another important move during the divorce process is to organize one’s finances as soon as possible. When divorcing individuals’ paperwork is organized, they can more easily complete the formal process of discovery, where they must spell out all of their assets and liabilities, including any claimed separate property not subject to division. In addition, their attorneys can more easily and accurately advocate for them in their divorce proceedings.

Tackling financial issues like property division during divorce can no doubt be overwhelming. However, an attorney can help those going through these proceedings to make informed decisions regarding their finances. The aim of an attorney in such a situation is to secure the most personally beneficial outcome possible for the divorcing spouse in California.