Divorce is complicated, and if you are someone who is gearing up to begin the divorce process, you must do your part to prepare. The first step is preparing yourself emotionally, as in making sure that you are emotionally ready for the weeks and months ahead. Once you are sure that you’re ready to begin the process, you should then begin to financially prepare for divorce. There are various aspects of your divorce and life after divorce that you must take into account, which is why our knowledgeable California divorce attorneys have written up a short list regarding financially preparing for divorce. Please continue reading and speak with our knowledgeable firm to learn more about preparing for divorce in California.
Preparing For Divorce
Some of the factors that you must consider when preparing for your divorce are as follows:
- Your yearly income: As you know, your yearly income is your life source. There are few things more important than assessing your yearly income and determining the lifestyle that income will afford you, should you not secure alimony payment, or even if you do. This means that you will have to account for your daily expenses, including groceries, bills, and more. You must not go on without creating a comprehensive plan for your yearly income so you can understand what you can, and cannot, afford after your divorce.
- Real estate and the property you jointly own: While financially dependent spouses have a greater chance of being able to keep their home in a divorce, the truth is, this is not always the case, which is why you must strongly consider hiring a knowledgeable attorney who has a firm understanding of the equitable distribution process who can give you realistic expectations and fight for what is rightfully yours.
- Retirement assets: In many cases, retirement assets are among the most valuable asset in a divorce, especially if you are in a late-life divorce, as oftentimes, retirement benefits, such as pensions, will be your only source of income. You must hire an attorney who knows how to file a qualified domestic relations order on your behalf so you may receive the retirement assets to which you are entitled.
- Debts and mortgages: Many spouses do not consider the fact that oftentimes, debts & mortgages are also subject to equitable distribution. This means that even if your spouse is the one who racked up significant credit card debt, there is a chance that you will have to contribute to paying that debt off. Our firm can determine the likelihood of this occurring and from there, work to fight for your best interests.
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.