The financial aspects of divorce can, under some circumstances, be just as stressful and confusing as the emotional aspects. As most people know, the decisions you make before, during, and, in the event of divorce, after your marriage can have financial repercussions on you for the rest of your life.
Working with an experienced attorney can help ensure that you are protected in moving forward financially after your divorce. Even couples who do not own a home or share children should work with a professional so that you understand what you are walking away with.
Protect Yourself Now
There are steps you can take immediately in order to strengthen your financial position; steps such as:
- Establishing your own income and financial independence;
- Starting your own retirement account (if you do not already have one through your employer);
- Open up a savings account in your name only;
- Open up a credit card/credit line in your name only;
- Start creating budgets to guide your living expenses: The more you know about what you own and what you owe, the better. Many spouses come to find out that their spouses ran up debts they never knew about;
- Ensure that your estate plan and will are updated;
- Be realistic: If you find yourself in financial turmoil as the result of the marriage, selling the marital home and moving into something smaller, you can eventually become solvent with no unsecured debt;
- Ask your friends for help: having a support network can make all the difference as you make this transition. You may also find that you meet people who can help with financial insights.
We Know It Can Be Scary
There are many people out there who are getting divorced after 50+ years of marriage, frightened by the prospect of having to start life over. Know that there are many marital splits amongst senior (and almost senior) citizens; in fact, it is about double today what it was in the 1990s, even tripling between 1990 and 2015.
When you think about it, it makes sense: who wants to spend their senior years, in retirement, in an unhappy union? Many find divorce later in life liberating, realizing that they are the only ones who can make themselves happy.
Of course, divorce after this many years carries its own set of complications, no matter what your tax bracket is. When it comes to planning for financial stability, you want to make sure you work with experienced attorneys.
We Can Help
Standing on solid ground when it comes to your finances carries with it many benefits. Perhaps most importantly, working with an attorney who’s on your side can help you disconnect the emotions from the financial aspects of the divorce, which can then help you move on. Contact our experienced California divorce attorneys today to find out how we can help you in the transition.