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CA divorce attorneyWhen you decide to get a divorce, the process of separating your life, your home, and your finances from your ex-spouse can become incredibly complicated. During this time, it is important to make the right decisions, especially when it comes to financial matters. Here are some mistakes divorcing couples often make that can negatively impact their finances in the future:

  • Not checking your credit report - During divorce, it is important to get a complete picture your assets and debts and any accounts that are in your name. Obtaining a copy of your credit report will allow you to identify any sole or joint bank accounts and credit cards, as well as any other outstanding debts, and it will help you establish credit in your own name that you can use after your divorce has been finalized. You may also want to consider using an identity theft protection service such as LifeLock to ensure that your ex-spouse does not open any accounts or make any purchases in your name.
  • Not accounting for joint accounts - During divorce, any joint bank accounts should be closed, and their balances should be divided between you and your spouse. If possible, you should try to pay off any joint credit card debt, since both spouses will be liable for this debt, even after divorce.
  • Failing to consider taxes - Be sure you fully understand how the decisions you make during divorce will affect the taxes you pay, including your filing status, dependent tax credits, property taxes, and capital gains taxes. You should also be aware that while spousal support (alimony) is currently tax deductible for the payor and taxable for the recipient, it will be non-deductible for the payor and non-taxable for the recipient for divorces finalized after December 31, 2018.
  • Not understanding retirement accounts - Retirement funds such as 401(k) or IRA accounts that were created during a marriage are considered community property, even if they are in the name of one spouse. When dividing these funds during divorce, spouses should use a Qualified Domestic Relations Order (QDRO) to avoid any penalties or taxes.
  • Not following a budget - While you may have become accustomed to a certain standard of living during your marriage, you may not be able to maintain these same standards on a single income. Be sure to create a budget that fully accounts for your income and expenses and allows you to maintain financial stability following your divorce.

Contact a Los Gatos, CA Divorce Attorney

Divorce can lead to financial difficulty for everyone involved, but with the proper planning, you can prepare to successfully move on to the next stage of your life. At the Law Offices of Benita Ventresca, we can answer your questions about divorce, ensure that community property is divided correctly, and help you complete your divorce as efficiently and effectively as possible. Contact a Los Gatos divorce lawyer at 408-395-8822 to schedule your free initial consultation.

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Posted on in Divorce

California mediation lawyer, California divorce attorneyIt is no secret that the cost of divorce is not cheap. When you and your ex both need to set up separate living arrangements, complete with full pantries and furniture, it is strategic to cut costs where possible. Many protocols during divorce are optional and are the most useful during complicated separations. These extraneous measures are not always necessary for straightforward cases where both parties are amicable and willing to negotiate. If you are interested in reducing the financial burden of your divorce, we have a few helpful tips to consider.

Discuss Billing with Your Attorney

Explain your financial concerns with your divorce lawyer. Ask questions about billing arrangements. The majority of lawyers rely on an hourly charging schedule. Collect your thoughts and write down your questions before making communication if this is your agreement.

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California divorce laws, California divorce attorneyIn California, all property that was obtained during a marriage is known as “community property.” During a dissolution of marriage, also known as divorce, this property must be divided equally between the two parties. However, there is another aspect of property that must be taken into consideration. This is known as “separate property.” What is this and must it also be disclosed during dissolution proceedings? Let us explore the realm of separate property and asset division.

What Is Separate Property?

First, let us discuss how property is actually defined. Property in and of itself is anything that can be bought and sold, such as a house, car or boat. It can also be anything of value. For instance:

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