Sometimes, it is all one can do to keep putting one foot in front of the other, let alone giving thought to one’s future. Many California residents will know that this can be especially true when going through a divorce. While some plans can be postponed, there are others, such as financial matters, that will need to be prioritized.
The most immediate consideration is likely to be one’s post-divorce living arrangements. Whether one intends to remain in the former marital home or set up in a new place, many people will have to consider the cost of a mortgage or rent, as well as utilities and other associated realty costs. For those who did not customarily deal with financial matters during the marriage, this can come as a shock; however, it need not be as daunting as it can first appear. Gathering together as much information as possible relating to future income expectations is a good first step.
Friends and family may be able to help one to formulate a realistic idea of day-to-day expenses, but there are also longer term financial issues that may require more specific help in order to understand the implications. Where children are involved, it is usual that both parents will contribute toward college funds and provide other types of financial support. Retirement accounts are personal investments into one’s own future that an individual will have to think about as well because many such accounts can be divided during the divorce process, potentially leaving the account holder with far fewer funds for retirement.
Whatever financial circumstances a California resident should find himself or herself in following divorce, seeking advice from appropriate sources will be of benefit. Taking a little time to do one’s research may make all the difference when making one’s case for property division and spousal support. In this manner, it can be possible to move forward into a positive future.
Source: statesville.com, “Finding financial stability after divorce“, Sheri Bistreich, May 6, 2017