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Taking the necessary financial measures following divorce

For individuals in California who are going through the end of a marriage, one of their major concerns may lie in the uncertainty of what happens after the process is finalized. While divorce can be stressful enough in its own right, a person may still need to take certain financial measures even after obtaining a divorce decree. With little experience in the area, one could find it advisable to seek guidance on areas he or she may need to address.

Following a divorce, it is generally advisable for a person to keep a close watch on his or her credit and close all joint accounts. Should any marital debts remain on these accounts, one could still be held liable by creditors even if the other party agrees to take responsibility for them during legal proceedings. Keeping track of debts to ensure that payments are made could help one avoid a potential disaster.

If retirement accounts are a factor, ensuring that they are divided in accordance with the terms of the divorce decree is essential. Failing to do so could lead to unnecessary taxes and fees, which could prove exceedingly detrimental. While addressing these accounts, a person may also find it advisable to update beneficiaries to reflect his or her new preferences.

Individuals who are facing divorce in California could benefit from consulting with a family law attorney early on in the process. An attorney can address all a client's concerns and provide guidance in pursuing a favorable outcome during divorce proceedings. In addition, an attorney can provide a client with advice on steps to take following divorce that may help in safeguarding his or her financial future.

Source: Forbes, "A Checklist To Help You Manage Post-Divorce Finances", Jeff Landers, Feb. 12, 2018

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