Finances are often a significant area of anyone's life. However, California residents who are ending their marriages may find themselves needing to pay particular attention to the state of their current and future financial affairs. The decisions made during divorce proceedings can have substantial financial impacts, and individuals may want to work to become more aware of those effects before making certain decisions.
When individuals are leaving a marital relationship, they may wish to take steps to protect their property and assets. Changing passwords on personal financial accounts could prove useful in this endeavor. Additionally, parties may also want to look at their beneficiary designations for retirement and insurance accounts. If a soon-to-be ex is listed, individuals may want to change those designations.
Additionally, divorcing parties may want to explore the tax implications of any decisions made during their proceedings. Property division, spousal support, child support and other aspects could have considerable impacts on a person's future financial affairs. Interested individuals may find assistance from a financial professional useful, in addition to their legal counsel, when it comes to working on estimating certain impacts and carrying out some duties.
Because divorce decisions can have immediate and long-term impacts, ensuring that the choices made are ones individuals feel comfortable with is important. Therefore, concerned California residents may wish to assess their particular circumstances in order to potentially predict what types of outcomes their decisions could cause. Speaking with experienced attorneys and other useful professionals could help interested parties face such endeavors with more confidence.
Source: startribune.com, "Specialists help to navigate financial split in divorce", Brad Allen, Feb. 25, 2017