Financial Tips You Need For Sailing Through Divorce Smoothly
They say time is the greatest healer and the wounds of your failed marriage will also get healed with time. Sound and professional advice from an Orange Country divorce attorney can help you to understand the process of a divorce in a much better way. Guidance from a professional therapist on the other hand can help in reducing the emotional scars left after your breakup. When you understand the divorce process thoroughly, this major transition in your life will be easier to handle. Having said so, check out some of the following financial tips to sail through your divorce process smoothly.
- Familiarity with the divorce cost is highly crucial
There could be wide variation in the divorce costs depending on case to case. If you are well-off and do not have a prenuptial agreement in place, your divorce expenses may shoot up drastically. The reason for this is you will have to spend for a forensic accountant or hire several divorce experts to help your case. It could be also possible that you have started a business quite recently while you were still married and your spouse may become eligible to fifty percent of the total business worth according to community property laws of California. When you do not have any significant assets or minor children from your marriage, your divorce case can be a straightforward one. But when you are one of those parents who is anticipating a battle for child custody, you should understand that if your divorce is more expensive, you will have less money to look after your kids. When a custody battle simply drags on for months, it is possible that you may end up spending more money out of your kid’s college savings.
- You should be ready for a situation where you will need to pay alimony
In case you have been the primary breadwinner in the family whereas your spouse stayed at home for many years for carrying out the domestic responsibilities, the court may direct you to pay alimony to the other party. However, it is not assured since in California, spousal support is typically awarded for 50 percent of the duration of the marriage. The exception is when the marriage was of long duration that is considered as 10 years or more. In case your marriage lasted for 10 years or more than that period, the court may award spousal support without any end date to it.
- Prepare a budget for post-divorce time
Usually, men have a tendency to worry about paying the various expenses related to a divorce like spousal support, child support and attorney fees, However they overlook saving for their personal expenses like health insurance, housing, food, vehicle loan, gym fees and so on. On the other hand women can become extra comfortable and dependent on spousal support though there is no certainty whether the court will award them that or not. Rather than anticipating spousal support, it makes sense for the women to plan how they will support themselves financially after the divorce is finalized.
Getting divorced in California can be complicated! Clink this link to download our free eBook, 18 Important Things to Know About California Divorce to educate yourself on the process.
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