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How to Protect Your Financial Security During Divorce

Posted on in Divorce

Los Gatos, CA divorce attorney for financial issues

When a couple makes the difficult decision to pursue a divorce, it is entirely common to find that the emotional aspects of the separation will trump all other concerns. While this is a natural reaction to a separation from a person you once loved, it can be dangerous. Divorces can come with significant complications that can impact a person’s life for the foreseeable future. From marital asset allocation to issues pertaining to child custody, it is important to be organized and prepared as you navigate the divorce process. If you are unprepared, a divorce can significantly damage the health of your individual finances. Fortunately, there are a few simple steps you can take to ensure that you will maintain a healthy and vibrant financial situation following your divorce: 

  • Be Organized: Organization is critical during divorce, especially when it comes to finances. In order to be truly prepared to negotiate a divorce settlement, litigate disputes in court, or resolve issues through mediation, you need to have an in-depth understanding of your financial situation. This knowledge can be the difference between a financially healthy future and a fragile one. 

  • Separate Your Finances: Once you have made the decision to pursue a divorce, it is important to begin financially separating yourself from your ex-spouse. First and foremost, close all joint credit card accounts you have with your former spouse. Limiting your collective debt can simplify the court proceedings or mediation, saving you valuable time and money. Additionally, you should open your own personal bank account. After the divorce is finalized, you will be faced with paying legal fees, finding a new place to live, and addressing other expenses. By establishing separate financial affairs, you will have the means to meet your needs as you transition into this new chapter of life. 

  • Hire a Skilled Attorney: A divorce can come with a number of unforeseen conflicts, and many of these can impact your financial future. In order to avoid a significant financial loss, it is important to act quickly and intelligently. The most important step you can take as you prepare for your divorce is hiring a skilled and knowledgeable divorce attorney. Regardless of what you do on your own to protect your financial well-being, an attorney can ensure that your rights are protected throughout the divorce process, and they will help you reach a favorable outcome that sets you up for success once your divorce is complete. 

Contact a Los Gatos Family Law Attorney 

Divorce is rarely easy, but regardless of your situation, Attorney Benita Ventresca can provide legal assistance as you proceed with the process of ending your marriage. Whether your divorce can be resolved through mediation or needs to go to court, Attorney Ventresca is prepared to do everything in her power to protect your best interests. To schedule a complimentary initial consultation with a knowledgeable Los Gatos, CA divorce lawyer, contact our office today at 408-395-8822.

Source:

https://www.liveabout.com/protecting-your-money-during-divorce-follow-these-11-tips-4121232 

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Los Gatos, CA 95030

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