There are few things more frustrating than divorce. Not only is divorce an emotional process, but it is also a complicated financial and legal one. If you’re like most people going through the divorce process, you are most likely looking to mitigate the financial impacts of your divorce. Please continue reading and speak with our knowledgeable California divorce lawyers to learn more about how you can protect and preserve your assets during the divorce process.
How to Mitigate the Financial Impacts of a Divorce
By taking the following steps, you can help mitigate the financial impacts of a divorce.
- Have a financial plan in place beforehand. As you can imagine, divorce is often a very complicated financial process, which is why it is so important that you have a financial plan in place before going through the motions. You can learn more about how to create a comprehensive financial plan beforehand. You should ensure you take stock of your assets so you know everything that you are entitled to.
- Consider drafting a prenuptial or postnuptial agreement. A prenuptial agreement can predetermine what will happen to certain assets, should a couple ever get divorced. That being said, you should understand that you may only draft a prenuptial agreement prior to marriage. If you are already married, you may no longer draft a prenuptial agreement, though you can draft a postnuptial agreement, which essentially serves the same purpose. Prenuptial agreements can also determine future alimony terms, and you can even protect your business in such an agreement if you have one.
- Understand which property is considered community property. When couples get divorced, the courts will break their assets down into two categories: community property and separate property. In California, community property is considered any property acquired by either spouse over the course of a marriage. If your property is classified as community property, it will be subject to equitable distribution. It is critical that you identify each asset that will be considered community property, as you must know what is at stake in your divorce.
If you have any additional questions regarding the financial impacts of a divorce and how to mitigate them, simply contact our firm today.
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.