Financial issues may have contributed to the deterioration of relations between you and your spouse. In fact, financial disagreements are among the leading contributors to divorce in the U.S.
Throughout the divorce process, finances will also play a key role. Property division, savings and retirement accounts, child support and business interests will all need to be negotiated. The good news is that there are a number of ways to keep the financial cost of your divorce down, as outlined below.
Find common ground with your spouse
Neither you nor your spouse has to go into a divorce with the mindset of getting one over on each other. The reality is that the more contested matters are, the longer and more costly your divorce will be.
While you should stand firm on the aspects that are most important to you, there is usually room for compromise in other areas. If a household item is of little significance to you, but important to your spouse, it might be worth considering whether you really want to get into a battle over it.
Being organized from the beginning
Generally, time means money, and if you haven’t looked out your important documents early in the process, the length of divorce proceedings will only increase. Property distribution in California operates in line with community property laws. This means that assets acquired during the marriage will likely be deemed joint assets, with any property acquired before the marriage being allocated separately.
To initiate this process effectively, the courts will need accurate information, which means having all the relevant data close to hand. The more you and your spouse cooperate on the financial aspects of the divorce, the less time the process will take.
Divorce is rarely easy but there are ways to keep the costs down. Gaining a clear understanding of your legal rights in California will also help you to do this.