Dealing with the emotional part of a marital breakup can no doubt be challenging. However, figuring out the financial aspect of divorce can be just as mind boggling. Because divorce can throw a curveball in people’s finances in California, here are a couple of tips for protecting one’s financial future following divorce.
For starters, it is important that people who are going through divorce establish or replace insurance to help them to secure their financial futures. This insurance may range from life insurance to disability or health insurance. In addition, for divorcing individuals who have shared children, it is important that they determine whose medical insurance will cover them.
In addition, it is wise to change beneficiary designations following divorce. These designations may appear on a life insurance policy, retirement account, annuity, bank account or brokerage account. In the same manner, updating an existing will may be in order to ensure that one’s assets end up in the hands of someone else other than one’s ex-spouse.
When it comes to finances, a divorce attorney in California can provide the guidance needed to make informed decisions at each stage of the process. For instance, the attorney may advise a divorcing individual to keep monetary assets and allow his or her future ex to keep the house instead. In addition, the attorney can help his or her client to pursue an appropriate amount of spousal support given his or her particular situation. The attorney will make sure that the client’s rights and best interests are protected in both the short term and the long term.