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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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