Law Office of Chandra E. Miller
A Northern California Family Law Firm
Call Now To Talk To An Attorney
530-377-5022 Local
866-679-7592 Toll Free

Financial tips for California couples going through divorce

Before going through a divorce, one should take steps to secure their financial future. For starters, they should plan to live on about half their income but with nearly three-fourths of their current expenses. While it is important for a person to understand their financial situation, they should avoid moving money around or doing anything that could be construed as trying to hide assets. Similarly, moving out immediately may also not be advisable since it could give the impression of abandoning the family.

Because separations can be emotionally taxing, some divorcees may want to seek out a therapist. A financial planner might be helpful as well. When making decisions on financial accounts and asset division, a divorcee should always try to remain as level-headed as possible.

Property division can be complex. For example, it is important to keep in mind that depending on how retirement accounts are distributed, there could be a hefty tax burden. Splitting a retirement plan must also be approved by the plan trustee. Some people may feel emotional about keeping the family home, but often it is better to sell the property.

While many divorcing couples go through the courts, there are other options available. For example, mediation allows couples and their attorneys to work toward a compromise and to have input into property division as well as child custody. In contrast, a judge's decision may be final. Even if the family is unhappy with the ruling, they might be powerless to make changes. Through mediation or negotiation, people may also be able to come up with more flexible approaches to property division such as exchanging one asset for another instead of splitting all marital property 50/50.

No Comments

Leave a comment
Comment Information

Contact Our Office

Law Office of Chandra E. Miller
1147 High Street
Auburn, CA 95603

Phone: 530-377-5022
Map & Directions

Facing A Divorce Or Family Issue?

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