Law Offices of James V. Sansone
Schedule an initial consultation
Santa Rosa 707-623-1875
Ukiah 707-993-4068

Planning for financial impacts of divorce may be beneficial

Many California residents try to plan for their financial futures as well as they can. This need to plan may be even more prevalent among older individuals who are approaching retirement. However, there is a chance that unexpected occurrences like divorce might pop up, and some individuals may find themselves looking for ways to protect their finances.

When individuals over the age of 50 end their marriages, it is commonly known as a gray divorce. During these proceedings there is a chance for considerable upheaval when it comes to finances. Therefore, individuals may want to make sure that they have the necessary paperwork in order to protect themselves and their accounts as much as possible. By updating bank accounts and estate plans, individuals may be able to potentially avoid unnecessary complications during the divorce. 

Additionally, parties may also want to have their assets assessed for value and learn how they may be considered during the proceedings. For instance, $100,000 in a checking account and $100,000 in home equity may initially seem like the same amount, but they could have differing effects on a person's finances. Therefore, individuals may want to determine how the value of assets could change and how they would like to move forward during property division proceedings as a result of that information.

There are several aspects of divorce that could play a role in the future finances of the affected parties. Being knowledgeable and planning ahead for the potential effects could help older California residents face less negative impacts. Individuals who are interested in creating a plan for their divorce proceedings may wish to speak with experienced attorneys.

Source: ABC News, "Keeping Some Green in Gray Divorce", Sarah Skidmore Sell, Sept. 7, 2016

No Comments

Leave a comment
Comment Information

Reviews For Our Office
in Ukiah, CA

powered by BirdEye

Reviews For Our Office
in Santa Rosa, CA

powered by BirdEye
Email Us For A Response

Request A Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Locations

Santa Rosa Office
1260 N. Dutton Avenue, Suite 239
Santa Rosa, CA 95401

Toll Free: 800-836-1298
Phone: 707-623-1875
Santa Rosa Law Office Map

Ukiah Office
215 W. Standley St.
Suite 10
Ukiah, CA 95482

Toll Free: 800-836-1298
Map & Directions