Top Financial Tips You Should Follow During A Divorce

In case you have started your divorce proceedings, you need to cope with a lot of factors apart from the emotional problems. You need to think about the financial issues too.This is primarily due to the fact that there will be a shift from a double income household to a single income one.  So you have to know how to get used to it so that you are a likely to lead a comfortable life and not just survive on a month by month basis. Irrespective of how tough it is for you to handle the emotional turmoils, you need to get prepared for handling your finances for yourself as well as for any dependent kid you are responsible for.

Do not think that your colleagues, friends and relatives are always equipped to give you the most appropriate financial advice. While they may have the best interests in their minds for you,  they may not offer you your most needed advice. The exception is when they are experienced financial advisers.  Check out some of the following financial tips, which you should be aware of.

Consider stopping all joint accounts immediately

The very first step you should consider taking is to open your own individual accounts while discontinuing all joint accounts with your estranged spouse. Their names should be removed from all accounts, which you hold. This may include if you have allowed them to use your credit cards. After all you would hardly want your furious ex to utilize your credit cards and drain your bank accounts.  However, this decision should depend on whether you and your spouse can trust each other.

Proceed to open your own account

After closing the joint accounts, now it is high time that you open individual bank accounts. You need to also ensure that they are in sync to make your bill payments. This is to ensure that you fail to make payments for your bills. After all, you will hardly want that your utilities to get cut off since your bank accounts were closed.

Your status has to be changed

All your relevant information need to be changed on your driving license, records in the post office, income tax related documents, professional titles, health insurance. Utility bills and property titles. (These include your marital status, name and so on).

Your will should be also changed

For changing your will you need to spend some money since you have to involve your attorney in this process. However, it is sensible to alter your will in case something happens to you after getting a divorce. Remove their names from your will and also if they have been given the power of attorneys. After all, you would hardly want to make a financial decision on your behalf.  However, in California, it is important to know that you cannot modify your estate plan, including wills, once your divorce has started, until it is completed.

Getting divorced in California can be complicated.  Download our free eBook, 18 Important Things to Know About California Divorce to educate yourself on the process.  

Gerald A. Maggio is an experienced Orange County divorce and family law lawyer and family law attorney located in Irvine, California, serving the Orange County and Riverside areas. Mr. Maggio assists clients with legal issues including divorce, legal separation, divorce mediation, child custody, prenuptial agreements, stepparent adoptions, and other family law issues. Mr. Maggio has practiced law in California since 1999, and founded The Maggio Law Firm in 2005, focusing exclusively on divorce and family law matters.