Important financial details to cover in your divorce

Divorce can be a huge emotional drain on California couples. Even in the best of times, it can be hard to plan for your future while life is changing so rapidly.

Even with the difficulties of divorce, it’s important to make sure that all of your financials are straightened out before the divorce is finalized. It can be hard to go back and make changes after the proceedings are over.

Figure out what happens to joint assets

In a divorce, you go through the process of separating yourself financially and legally from the other person. This can be hard to do with joint assets or accounts, such as the family home or mortgage accounts.

It’s important to know who’s name is on the mortgage and who will claim responsibility for the house after the divorce. Sometimes this can mean getting a new loan under just one person’s name or working out an arrangement in court.

The same process applies to other joint assets. Things like retirement accounts, vehicles, and even bank accounts will need to be separated and put into just one person’s name.

Change up your insurance and tax status

It’s not uncommon for a lot of questions to pop up when filing taxes for the first time after the divorce. You’ll want to know who’s claiming what deductions, who is claiming what dependents and if there are any benefits you’re entitled to following the divorce.

It’s easiest to think about these things early and get the questions answered sooner rather than later. You’ll also want to revisit things like insurance policies, financial plans and investment accounts to make sure you’re not overpaying.

It can be hard to remember all of these things during the initial divorce. It’s important that you don’t rush the process and get legal help when you need it.

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