They say that everything comes at a price, and the break-up of a marriage is one of the most costly experiences one may encounter, both emotionally and financially. California residents who are considering divorce must think not only about the immediate future, but also the mid to long term financial implications. With help, this need not be as daunting as it may seem at first glance.
Assembling all the relevant facts and paperwork is a good place to start. Copies of important documents, such as bank statements and insurance policies, will all contribute toward compiling a picture of the assets involved. Taking a photographic inventory room by room can also be helpful: not only may it highlight specific objects of sentimental or monetary value, it can also serve as a reminder of those things that one may need to replace once all of the property has been divided.
Deciding at an early stage upon the most important assets one wishes to retain, and reaching a timely agreement with one’s estranged spouse, may help to reduce both legal costs and court time. As with any other contract, the advice one receives is best tailored to one’s own circumstances. Keeping emotion out of the decision-making process may be difficult at times, but it may ultimately allow one to make better decisions in relation to things which will affect his or her long term future.
However quickly one might wish to see an end to the proceedings, decisions made with too much haste may not be the most beneficial. By the same token, digging one’s heels in and insisting on a perfect settlement will likely mean a very long wait for something that may never happen. While it may not be possible to obtain both an ideal outcome and a swift conclusion to one’s divorce, California residents can achieve a balance somewhere between the two with the appropriate advice and guidance.
Source: The Huffington Post, “How to Protect Yourself During Your Divorce“, Al Corona, May 3, 2016