Divorcing can be a tedious, tense, and overwhelming process. As a result, many do everything possible to end it as quickly as possible. Though it may seem better in the short term, it can hurt financially in the long run. Though many assume divorce is only a legal matter, a number of financial issues can arise without the necessary precautions. Keep reading to learn more about what you need to consider before starting this process and discover how Los Angeles preparing for divorce attorneys can make this process go as smoothly as possible.
What Financial Issues Can Arise During a Divorce?
As every couple is different, there are several financial issues that may arise during a divorce. For example, many lower-earning and dependent spouses are unfamiliar with the true cost of living. Though they understand how much their mortgage is and the cost of groceries, other expenses like home maintenance, utilities, car insurance, and additional fees may come as a surprise. This is especially true if one spouse handles all the bills.
In some instances, you may find that the spouse handling bills may also be hiding money and assets before the divorce. This can result in an unfair division, as California honors community property laws when distributing marital assets between spouses. As a result, the state divides funds, assets, property, and debts 50/50 between spouses. If one spouse is hiding assets, the division will be unfair.
Can a Divorce Assist Me?
It’s important to understand that failure to prepare financially for a divorce can cost you in the long run. Whether you’re eager to end the marriage and start a new chapter of your life or you’ve been procrastinating gathering the necessary documents, waiting too long can have negative impacts.
Instead, gathering all necessary financial documents and having an attorney review them can ensure that the division of assets is as even and fair as possible. There is a myriad of documents and information you’ll want to provide your attorneys, such as tax returns, financial statements, retirement account information, credit card statements, life insurance plans, and more. Upon review, an experienced attorney will be able to help you understand what assets you will likely end up with and may even discover if your spouse is trying to hide assets.
The necessity of a competent divorce attorney is even more crucial when you or your spouse is a high net-worth individual, there are complex assets involved, or you own a business.
When you’re going through a divorce, the Zitser Family Law Group, APC is here to help. Our legal team understands how emotionally draining this time can be. Letting us handle the legal matters will allow you to focus on healing during your divorce. Contact our office today to connect with a competent lawyer to discuss the details of your case.