The year of 2017 has ushered in a new administration into the United States government. That alone will bring some need to transition and adjust to big change. But on a more personal level for married couples in California and throughout the country, many are also dealing with the significant life change of divorce.
History has consistently shown that divorce filings increase in the month of January. A new year represents a new chapter to many and, therefore, it is common for divorce papers to be filed once January hits.
If this is true for you, you are likely dealing with a lot right now, from the legal details of the divorce to the emotional impact of the family change. A recent CNBC piece discusses the seasonal boom of divorces and warns specifically about finances.
What is the worry? If you are new to the divorce process, you could be overwhelmed with the logistics and emotions. You should, however, find some focus and do your best to protect yourself financially by assessing your shared financial situation as well as certain legal documents.
Do you, for example, feel comfortable still having joint accounts with your spouse? The money you have in your marital estate is generally split relatively equally post-divorce. You want to protect the amount within the community property as much as possible in order to ensure that you secure as much financial security as possible in the process.
This conversation will go on in future posts. For now talk to your trusted divorce lawyer about how to protect your financial and other legal interests right away. Also talk about the various divorce process options including mediation and collaborative practice. The choice of a process option will greatly influence financial and emotional costs. Their needs to be a discussion with your spouse so that everything does not escalate.