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Financial questions to ask yourself before filing for divorce

Many people decide to pursue a divorce for emotional reasons: Perhaps they want more freedom to live independently, they feel unhappy with their partner or they want to start a relationship with someone else. But many spouses who are considering divorce fail to look thoroughly into the financial implications of their actions. Of course, material possessions cannot bring happiness like relationships can. But your finances can affect your quality of life and choices. Therefore, they should not be ignored.

A divorce can have the potential to have a positive or negative effect on your financial situation. But those who have a positive divorce outcome tend to have planned thoroughly before taking action. The following are some questions to ask yourself before proceeding with a divorce in Santa Rosa.

Do I have an accurate view of the likely expenses?

The process of divorce is no minor undertaking, and it can become costly. The cost of your divorce will depend on many different factors but will tend to be linked to the amount of conflict that arises. Going through a collaborative divorce with the help of mediation will probably be much less costly than a contested divorce. It's important to set aside a realistic budget before filing to keep your finances well managed.

Am I willing to accept prolonged uncertainty?

Uncertainty is an intrinsic element of divorce that can be difficult to handle. It is human nature to want to know outcomes and control situations. Unfortunately during a divorce, you will have to accept uncertainty for the foreseeable future.

Is there a prenuptial agreement in place?

A prenuptial agreement is a document that is signed before a marriage ceremony. The agreement, when signed by both parties, sets out the way in which assets should be divided in the event of a divorce. A prenuptial agreement can heavily affect the outcome of a divorce, and it is usually skewed to the financial advantage of one spouse. However, it can be possible for a prenuptial agreement to be challenged in many circumstances.

If you are contemplating divorce and want to plan ahead, it is important that you understand the laws in California and that you take action as soon as possible.

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