Divorce is typically a very emotionally charged issue, as it is far more than a legal issue–it is an emotional and a financial issue as well. Because of this, at times, it can be hard to keep a clear head and focus on what matters most at this point–you and your children, if you have children. One of the ways you can best protect yourself from the pitfalls of a divorce is by familiarizing yourself with some of the financial aspects of post-divorce life. Please continue reading and reach out to our knowledgeable California divorce attorneys to learn more about some key post-divorce financial considerations.
Three Financial Considerations for Your Post-Divorce Life
- Update your personal budget and all financial documents. Divorce brings about many financial changes. For example, if you are the primary income earner, there is a very good chance you will end up paying spousal support/child support. Rather obviously, this is a financial change that you must prepare for. On the flip side, even if you are the spouse who will receive alimony or child support, you will still have to adjust your financial plan. Having a firm understanding of what you can, and what you can’t afford, goes a long way. As you update your financial plan, you should make it a point to also update all financial and legal documents, such as your will.
- Evaluate your retirement assets. Oftentimes, retirement plans, such as pensions, are divided between spouses in the equitable distribution process. That being said, you should understand the implications this may have on your financial situation after retirement. If your retirement won’t cover your weekly expenses after equitable distribution, you may consider remaining in the workforce longer, saving up, or otherwise compensating for your split retirement.
- Understand your insurance situation. Oftentimes, one spouse depends on the other spouse for their health insurance and other insurance. For example, after a divorce, there is a very good chance that your auto insurance policy may need modification. These are all thing you can analyze and research with the help of an experienced financial analyst.
If you have any additional questions about how a divorce may affect your financial situation in the future, please do not hesitate to pick up the phone and give us a call today. We are always here to help.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.