As you most likely know, divorce is often a financially-complex process, and it requires lots of planning and strategizing to put yourself in the best possible financial position after your divorce is concluded. Please continue reading and reach out to an experienced Los Angeles divorce attorney from our legal team to learn more about the most important financial matters to consider both during and after your divorce.
Financial Matters to Consider During and After the Divorce Process
Just some of the most important financial aspects of your life to consider, as well as actions to take, during or after a divorce are as follows:
- Update financial documents. If you have insurance, a 401(k), a will and/or a power of attorney, it is paramount that you update these documents to reflect your current situation.
- Re-evaluate your budget. Now that you’re divorced and no longer have two incomes to depend on, you may not be able to afford everything you could in the past. This is why it’s so important that you re-evaluate your budget and determine exactly how much you make per year, how much your daily expenses are, and what you’ll have left to spend on yourself.
- Consider tax implications. Divorce involves the division of various assets, such as homes and cars, and these assets frequently take precedent over tax implications, however, this shouldn’t necessarily be the case. For example, asset settlements can have significant tax implications, so it’s always best to speak about these things with a seasoned attorney or accountant.
- Consider retirement assets. Retirement assets, such as your 401(k), may be up for equitable distribution, which, unfortunately, may mean you’ll have to work longer to save up for your retirement. Don’t go through the divorce process without giving this thought.
If you have any questions about how to best manage your financial situation after your divorce, our experienced legal team is here to help. Our goal is to help you achieve the best possible outcome in both your divorce and your future. All you need to do is give us a call.
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.