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Preparing for Financial Success After Your Divorce

Posted on in Divorce

CA divorce lawyerIf you are in the midst of a divorce, you are likely to be experiencing a great deal of chaos as you adjust to your newly-single life, and you may be struggling to make ends meet. Along with the legal costs involved in divorce, you may need to address issues such as finding new living arrangements, paying moving costs, and adjusting to living on a single income. However, with proper planning, you can begin your life after your divorce on the right foot. During divorce, you should be sure to address the following financial issues:

  • Check your credit report - If possible, you should pay off any joint credit cards and close the accounts, or make sure that if credit cards remain in one spouse’s name, the other spouse is removed from the account. Close any joint bank accounts, and check to make sure any issues with creditors have been resolved. If necessary, obtain credit cards in your name to begin establishing your own credit history.
  • Complete the division of property - Finish dividing your community property, following the decisions made in your divorce settlement. Be sure to update or refinance loans or home mortgages appropriately. Pay close attention to the division of retirement accounts or pensions, making sure to follow the proper procedures to distribute these finds without being subject to taxes or penalties.
  • Update insurance plans - You may need to remove your ex-spouse from your health insurance coverage or obtain your own coverage under a new plan. If necessary, you may be able to receive temporary COBRA coverage. You should also make sure to remove your ex as a beneficiary of life insurance or retirement plans.
  • Understand your taxes - When filing your tax return for the previous year, you will need to determine whether you should file jointly with your ex-spouse or separately. You should also update your income tax withholding to reflect your new marital status and claim the appropriate exemptions, ensuring that you do not owe taxes when filing next year’s tax return.
  • Create a budget - To ensure that you will be able to maintain financial stability following divorce, take complete stock of your income and expenses and create a workable plan going forward. Make sure to account for child support or spousal support which you will pay or receive, mortgage or rent payments, household expenses (including food, gas, and utilities), and anything else that affects your day-to-day financial situation.

Contact a Los Gatos Divorce Lawyer

By taking steps to fully understand your financial situation during your divorce, you can plan for success in the next stage of your life. At the Law Offices of Benita Ventresca, we can advocate for your interests during divorce and help you complete the process efficiently and effectively. Contact our Los Gatos, CA divorce attorney at 408-395-8822 to set up a free consultation.

 

Sources:

https://www.forbes.com/sites/jefflanders/2018/02/12/a-checklist-to-help-you-manage-post-divorce-finances/#29ce02136bb3

https://www.divorcemag.com/articles/understanding-the-financial-impact-of-divorce/

 

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