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Californians should pay attention to finances during divorce and separation

The financial implications of ending a marriage can greatly affect the individuals involved. Because some divorce and separation cases involve complex property division proceedings, California residents may wish to take steps to help themselves face the process, beginning with determining the net worth of their family. Parties should also determine the source of the funds used to determine each of their assets, to the greatest extent practicable. As part of this process, individuals may be more likely to understand which assets will be subject to division.

Many individuals have an idea of what property they would like to keep if their marriage ends. However, wants and needs may garner different results when it comes to what property is truly important. Understanding cash flow could help parties determine which assets may prove most useful to them and which they would like to put the most effort toward maintaining. Additionally, individuals may wish to consider the tax affect of their decisions regarding the distribution of marital property. 

Parties may also want to get through the process as quickly as possible. Because there are many costs associated with divorce proceedings, individuals may end up cutting their assets by a considerable amount if their process drags out for an extended amount of time. Gaining useful financial information may also help parties who may not have extensive know-how in that area.

With the numerous decisions that must be made during divorce and separation, it is understandable that California residents may feel a bit dismayed at the idea of approaching dissolution proceedings. However, with the right assistance and information, individuals may be able to move through their cases more confidently and smoothly. Discussing concerns and possible effects of property division with experienced attorneys may prove useful during the preparation process.

Source: fayobserver.com, "Divorce & Investments", Tracy Sorzano, Feb. 26, 2017

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