Whether you’re thinking about filing for divorce or you’re already working on developing a parenting plan, one thing’s for certain: You need to have a financial plan in place. Most people who divorce in Stockton (and everywhere else, for that matter) notice a substantial change in circumstances, and that’s true whether they were part of a one-income or two-income household.
While it’s always helpful to ask friends and family for divorce finance tips and advice, your best bet may be to turn to a professional if you’re not sure how to prepare for your divorce. Your attorney can help you find a financial adviser if you feel you need one. However, most people—with a little forethought and planning—are able to transition smoothly.
Your attorney will be able to help you plan the timeline for your divorce, such as when you should move out of your marital home and handle other affairs. Before you do any of that, though, it’s a good idea to start separating your finances from your spouse’s and begin working toward financial independence.
For most people, a logical first step toward financial independence during divorce is to separate your joint accounts. If you can, close the accounts you shared; if you can’t close them or your spouse is unwilling to cooperate, see if you can remove your name from them. Do the same with joint credit card accounts.
Open your own checking and savings accounts as soon as possible, and update your bank information with your employer to make sure your paychecks are deposited in the correct account.
You should never drain your spouse’s account or a joint account during divorce. Doing so can get you into serious hot water with the court.
Just to be on the safe side, remove your spouse from your will and make sure he or she doesn’t have any powers of attorney on your behalf. If your soon-to-be ex-spouse has the authority to make financial, healthcare, or end-of-life decisions for you, you’ll need to revoke that authority and give it to someone else.
If your spouse is listed as the beneficiary on your life insurance policy, your 401(k) or IRA, or anything else, replace him or her with someone else.
If you don’t already have lines of credit established in your name, now is probably the time to start some. Landlords and lenders often get your financial information from your credit report, and it can be difficult to find a place to rent, obtain a mortgage, or get a car loan if you don’t have credit that’s solely in your name.
If you’re not currently working, talk to your attorney about spousal support and whether you should begin looking for a job. Spousal support can be temporary or permanent; typically, the judge’s support order is considered temporary when you’re still going through your divorce and becomes permanent once your divorce is final. (“Permanent spousal support” doesn’t mean it’s going to be paid forever. It simply means that the order from the judge is permanent, and the support order stays in effect until a certain amount of time has elapsed, the receiving spouse remarries, or another condition is met.)
If you need to speak to an attorney who practices family law in Stockton, CA, we’d love to help you.
Call us at 209-910-9865 to discuss your situation. We’ll begin developing a strategy and, if necessary, work on the appropriate paperwork to file for spousal support during your divorce.
Child Custody Orders: San Joaquin, California In California, divorced, separated, or never married parents must…
https://youtu.be/tt_A0YoAbVs Co-Parenting from a Child's Based Perspective Parenting Words of Wisdom “Promise me you’ll always remember:…
Divorce in California If you are considering a divorce in California, there are a few…
Words of Wisdom https://youtube.com/shorts/p7mO71I_8cA Original Article Posted at drthomasmaples.com The Psychology of Divorce As…
Guide 4 Divorce in California Considering a divorce in California? You will want to know…
This website uses cookies.