When a couple says, “I do”, they think about a long future together – not divorce.
Divorce is probably one of the most stressful and painful things that an individual could go through in his or her lifetime.
It can be a relatively easy process where both spouses desire an amicable party, or it can be devastating, not only emotionally, but also psychologically and financially when one or both spouses are out for blood.
In order to protect yourself financially, take a look at the following simple changes that you can make:
- Keep your separate property separate – For the most part, property obtained before the marriage stays your separate property after the divorce has taken place.
- Checking and savings accounts – Every household manages money differently; however, it is best to keep your own accounts, have your spouse keep his or her own accounts and keep a joint account.
- Joint assets – Once you decide that your marriage is going to end in divorce, it is wise to begin selling joint assets. This will avoid the problems that could arise later on when division of property is an issue that needs to be dealt with.
- Check your credit report – in order to see if your spouse is spending money that he or she shouldn’t be at this time. Check to see what purchases, if any, you are responsible for.
- Get an experienced attorney – who will negotiate with your best interests at heart.
Breaking up is hard to do, any way you look at it. However, coping with the financial consequences of a divorce can be harder than healing your broken heart. You need to protect yourself and your assets from unfairly going to your soon-to-be ex-spouse.
Remember, California is a community property state and your spouse will own half of everything you acquired during your marriage – including your weekly paycheck.
Whether you need aggressive representation in a highly-contested, complex divorce, or assistance drafting an amicable separation agreement that treats you and your spouse fairly, please contact the Orange County family law offices of Amy M. Montes for the help you need.