Most people face financial worries at some point in their lives. Often, major life events, such as divorce, can cause financial upset that leaves many parties needing to get their affairs back in order. Luckily, there are a variety of ways California residents could address their monetary problems and goals in hopes of bettering their situations.
One action that could help individuals straighten out their finances and potentially add to savings is to cut back on unnecessary spending. Though most people enjoy splurging on a item now and then, making purchases that are not needed at the time or could be considered frivolous could cause additional hardship. Therefore, parties may wish to cut back on such spending and strategize when it comes to making needed purchases.
Creative financing could also help when it comes to spending, especially on unnecessary items. Rewards programs and points systems can sometimes add up to allow people to make purchases at little to no cost to them. By utilizing such programs, parties may be able to work around money problems that limit their spending on certain items.
Though planning after the fact is a common approach, California residents could also benefit from working to lessen financial blows before the divorce takes place. For instance, individuals can determine which property division outcomes could work in their favor and consider the best ways to achieve alimony and/or child support goals. By discussing concerns and goals with experienced attorneys, interested individuals may have a better chance of formulating plans for potentially reaching those goals.
Source: USA Today, "Divorce wiped me out financially. Here's how I bounced back.", Tamara Holmes, May 25, 2017