Divorce can be a difficult time full of torrid emotions, but it is important not to let those emotions take over so that each separating spouse can look at their divorce objectively. On top of the emotional strain divorce brings is the financial strain. There are steps California separating spouses can take in order to lessen the overall expenses of the divorce.
First of all, when dealing with the financial side of divorce, both parties must be sure to report all income and assets accurately. If a spouse does choose to hide assets, when they are discovered later in the procedure, that spouse can face serious fines. Also, all joint accounts should be closed and each person’s money transferred to a new account so that one spouse does not end up with the other spouse’s debt.
It is important to handle the emotional side of the financial strain, too. This is done first and foremost by keeping the proceedings amicable. If proceedings get nasty, chances are the proceedings will drag out, costing more and more money for both parties.
The emotional strain that a California divorce can place on a separating couple is frequently talked about in the media. However, the financial strain is less often discussed. If the parties keep the aforementioned tips in mind when undergoing divorce proceedings, then each spouse should be able to cut costs and save some money during this crucial time in their lives. Separating couples could also benefit from analyzing all of their legal options while encountering divorce proceedings in order to make informed choices that will be in their best interests.
Source: The Huffington Post, 5 Ways to Cut Costs During a Divorce, Elliot Grey, Oct. 27, 2013