Southern California Family Law Attorney Blog

The decision to divorce is rarely made lightly. Many people spend a long time considering divorce before they make a final decision. Once the decision to divorce is made, however, it’s important to have the same consideration about your finances.

When you have to divide up the assets you and your spouse acquired throughout your marriage, it is extremely important to have a good handle on your finances. Knowing where you stand can help protect you during your divorce, and a recent article offers a few tips on how to do this.

First and foremost, it’s important to understand the divorce process and how you should approach things. Speaking with an experienced attorney can help set your expectations correctly before you make any big decisions.

Next, keep detailed financial records. If alimony is in the picture, it’s very important that you understand your budget and your spending habits. Be truthful, but not conservative. Alimony will be determined based on how much you and your spouse make and how much you need to live. Giving the judge an accurate picture of your financial situation will help ensure that you get fair alimony and child support agreements.

Finally, make sure to save money when you can. Getting a divorce is not free, and it’s likely that your income will drop now that you and your ex aren’t pooling resources. Even if you are awarded alimony and child support, it make take a bit for it to kick in, so having some money set aside will come in handy.

Source: Fox Business, "Financial Steps to Take if You’re Considering a Divorce," March 12, 2013