dealing with the financial aspects of a divorce

On Behalf of The Law Offices of Ronda A. Middleton |

California couples may not know that, every year, an estimated 813,000 Americans get a divorce. The average cost of getting a divorce is about $20,000, an amount that can be financially difficult for many. However, there are additional costs that may not be felt until well after the divorce has been settled, especially if a person is required to pay child and spousal support.

Those who are considering divorce should discuss their situation with a family law attorney before even bringing up the idea. If the attorney and a financial adviser work together while the person prepares for filing for the divorce, they may be able to give the person advice on financial protection. Once the impending divorce has been announced, both parties will need to draw up a full list of assets and debts.

Both individuals should hold off making any major financial decisions during the early stages of a divorce. At this point, however, both individuals may wish to take steps towards their financial independence, which may mean opening bank accounts in their own name. Both individuals should also set financial goals for after the divorce.

Many divorces are difficult, even if the parties are amicable. In addition to dividing up the marital property, which may include the family home, the former couple may also have to agree on child support and and other matters. Even so, a family law attorney may work with a spouse who stayed at home to raise the children to help ensure that he or she can survive once the divorce is settled. This may include requesting spousal support while the person makes an attempt to enter back into the workforce.

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