However hard one may try, rare is the person who is prepared for every eventuality in life. Many California residents may be able to read the signs that point toward impending divorce. However, there are bound to be some for whom the suggestion will come completely out of the blue. Whether a marital dissolution is anticipated or not, there are various measures that may be taken in order to safeguard one’s financial position.
When things are going well in a marriage, mutual trust is a key ingredient, though when divorce is in the horizon, this does not always remain the case. With this in mind, it makes sense to gather as much information relating to all financial matters as possible. As an added precaution, it is generally wise to keep additional copies of financial documents in a safe place away from the marital home. This may seem extreme, but if there are doubts about how cooperative an estranged spouse may be, then it simply makes good common sense to safeguard important information.
With credit scores being affected by the financial behaviors of both spouses, it could be a good idea to check on this in the early stages of divorce proceedings. At some point, it may be necessary to find alternate accommodations, or apply for financing to fund the divorce and/or a new life; these are both affected by credit ratings. If errors are found on a credit report, or adverse conditions, it may be possible to address these issues before they become a problem. Setting up a new bank account may also be necessary and may also have a bearing on credit scores.
If the divorce involves a significant amount of assets, specialist financial planning may be worth considering. Whatever circumstances California residents find themselves in, seeking professional advice appropriate to the situation is advisable. While it may feel at the time as if divorce is pulling one’s life apart, it still possible to create a fulfilling and positive future.
Source: The Huffington Post, “4 Steps to Being Financially Prepared for a Divorce“, Sarah Chang, Oct. 5, 2015