No matter where you are in life, financial planning is critical, however, divorce is a big step, and if you are someone who is looking to get divorced, there are several actions you should take to ensure that you are prepared, both financially and otherwise, before getting started. Below, our experienced California divorce attorneys have compiled a short list of various financial factors you should account for before beginning the divorce process. Please continue reading and speak with our knowledgeable firm to learn more about financial planning for divorce and how our firm can help you.
- Income: One of the most important things you will have to account for before going ahead with the divorce process is your yearly income. Rather obviously, you will no longer have another paycheck to support you, so you will have to account for your income and whether what you make now will cover the cost of your expenses.
- Owned property: If you are a financially dependent spouse, there is a stronger chance that you may be the one who gets to stay in your home after a divorce. However, this is absolutely not a guarantee, which is why if you are looking to keep your home, you must retain the services of an experienced Los Angeles divorce attorney immediately.
- Retirement assets: Though you may not realize it, oftentimes, retirement assets are also up for grabs in divorce. Therefore, if you are someone who requires your spouse’s retirement benefits, you will have to file a qualified domestic relations order to receive them. This is critical for many spouses, and our firm can help you if you find yourself in this situation.
- Debts and mortgages: In many cases, various debts and mortgages will be considered in the equitable distribution process, which is why if you or your spouse owe debts, you will have to account for this when starting your divorce. Our firm can help outline how your debts or mortgages may affect you in your divorce’s outcome.
If you have any additional questions about financial planning for divorce or you believe that you are ready to begin the divorce process, please do not hesitate to speak with our experienced California divorce attorneys today. We are here to assist you.
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.