The end of a marriage can be a source of both emotional and financial stress for many California couples. One of the first steps to take is filling out an asset inventory sheet. This will help each side get a full picture of what assets the couple has and how much they are worth. Getting on the same page regarding assets and valuations may lead to a timelier resolution of the divorce itself.
Completing the divorce process as quickly as possible can save money and possibly preserve relationships. If a couple had a primary residence, it may be worthwhile to sell that property immediately following the divorce. An alternate solution is to have just one person on the mortgage, ideally the person who is living in the home. This ensures that the resident doesn’t experience negative consequences if the other fails to make mortgage payments.
Each party should consider what their income and expenses will be after the divorce. In many cases, child or spousal support will be ordered. Understanding what an individual may bring in versus what they may owe on their own can help with downsizing or making other adjustments that may make life more manageable after the divorce is finalized.
Not all divorces require complex asset division, but even so, a person who is seeing a marriage come to an end may want to have the representation of a family law attorney. Even the simplest of divorces will require community property to be divided, and a court will make that determination unless an agreement can be negotiated by both parties and their respective attorneys.