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Protecting finances during a divorce

Going through a divorce can have a significant impact on an individual's finances. California residents who are facing the end of a marriage may want to know what steps to take in that regard.

All marital assets should be accounted for, and each spouse should research to verify that the other spouse has not moved money or has tried to hide assets. Both spouses should also avoid making large purchases or withdrawals during the course of the divorce as the court may suspect that there is an attempt to hide money.

Individuals will have to be able to support themselves after their divorce. Getting a job may become a priority while the divorce is underway, which can sometimes last for years. It is important to avoid waiting until the end of the divorce to begin networking and looking for employment. Changing residences should be postponed until each party is able to speak with his or her attorney. If one party leaves the home as part of a separation, the other party may be able to make a claim of family abandonment.

Another policy individuals should follow when trying to protect their finances during a divorce is to not be emotionally attached to the home or other items. They should also keep in mind the effect of possessing certain items, such as the home or retirement accounts, will have on their tax situations. Reviewing all insurance options, being proactive and having a realistic outlook regarding their financial futures are additional steps individuals can take to be financially stable after a divorce.

A divorce can drastically alter the financial futures of both parties. In many cases, however, the estranged spouses' respective family law attorneys can take the lead in negotiating a settlement agreement that protects the interests of their clients.

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818-538-8637
949-342-8426

Woodland Hills Office
21800 Oxnard Street
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Woodland Hills, CA 91367

Toll Free: 818-538-8637
Phone: 949-342-8426
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    Kendra Thomas is one of the best attorneys I have ever worked with. Kendra and her team at Thomas Law Offices are compassionate and able to get to the heart of the matter. Not only can she quickly take in information, she can also think outside of the box to implement an effective game plan…. - Joseph, a Corporate client

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    I had a complicated case with a lot of assets. We had a business to divide and could not make heads or tails of it. My previous
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    When I first came to Kendra, was in a panic state. However, after meeting Kendra, I panic no more. I was in a case, where I was being worked “real good”, with an ex who is relentless with absolutely no morals. However, after being in the courtroom with Kendra, I do not believe that he will ever take me back to court. We got everything we wanted. Kendra knew what to ask and how to strategize the case. I would HIGHLY recommend Kendra to anyone involved in a high conflict divorce and/or child custody dispute.- Sharon, a Family client (5 star review)

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