How Can I Move Forward Financially After a California Divorce?
At the Law Office of Joyce Holcomb, our Certified Family Law lawyers in San Bernardino understands that every divorce is different, as is the financial fallout that occurs during and after.
We also know that money impacts nearly all the personal and professional aspects of people’s lives, which can make divorce a very scary prospect for some in California.
While you are trying to determine how to get through this challenging time physically, emotionally, and financially, we have a few tips on keeping your finances in check and pursuing the outcome you deserve from your divorce, so you can take care of the rest of you without the additional stress of money entering the fray.
Create a Budget for Moving Forward in San Bernardino, CA
No matter which direction your finances are going in, it is important to fully understand how a current and ongoing budget can help alleviate stress.
First, outline what money is coming in. Include your income, spousal support, and child support, when applicable.
Next, outline what money is going out. Include your mortgage/rent, utilities, insurance, taxes, credit card, or other debt, and establish an ongoing budget that will allow you to get through the newly single expenses, so you can avoid spending money you do not have.
Update All Accounts, Records, and Paperwork
This may seem like a no-brainer, but many of us have accounts, records, and paperwork that include our ex-spouse somehow.
To ensure you are operating independently, and no detail is left to chance, start by outlining your accounts.
Whether they are bank accounts, credit cards, streaming services, or even a monthly club expense, remove your spouse from any accounts he or she is associated with.
Then you will need to dig deeper.
Is your spouse still your emergency contact? Is he or she the beneficiary of your insurance policy, retirement proceeds, or Will?
You will have to formally submit a change of beneficiary form to each financial institution, but it will be worth the effort to ensure your financial house is in order.
Extra tip: Be sure to change all your online account passwords, so your former spouse cannot check into your finances or view your records going forward.
Work with a Financial Professional in San Bernardino, CA
Most financial mistakes that people make during and after divorce could easily be avoided by partnering with a financial professional.
Financial professionals will uncover your financial reality, develop a strategy for spending, saving, and rebuilding your nest egg.
They can also help you avoid making expensive financial mistakes, including unnecessary taxes and penalties associated with asset transfers, retirement, spousal, and child support.
Sorting through the complexities of the end of your marriage will help set you on the right path going forward financially.
Do Not Forget to Plan for Emergencies
While you are married, you are a team of two that supports each other through thick and thin. That could include one person taking over the finances when the other loses their job or has a medical emergency.
Now that you are divorced, you are going to have to depend on yourself for any emergency funds. Saving extra money, when you can, will allow you to address any future financial emergencies without asking for help.
This security also leads to peace of mind, which is incredibly helpful during and after a divorce.
Contact Our Family Law Attorney in San Bernardino, CA at the Law Office of Joyce Holcomb
If you would like to discuss how your divorce may affect your financial livelihood, so you can plan accordingly, contact our San Bernardino divorce lawyer at the Law Office of Joyce Holcomb by calling (909) 889-7111 today to discuss your concerns, so we can create a customized legal approach for your unique needs.