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Financial concerns after a divorce

It's no secret that divorce can have a devastating effect on a person's finances. Many people in California often find themselves in a very different financial position after their marriage ends. As a result, these individuals may need to rethink their financial situation and their ongoing budget strategies. This is true even if the spouses sought financial planning assistance while they were still married.

Financial issues caused by a divorce can vary. Married couples typically pool their incomes and share expenses, including housing costs, health insurance and car payments. In addition, many spouses share various types of debt, including mortgages, business loans and credit card balances. After a divorce, one of the parties will likely become solely responsible for some of these expenses. This can make a serious dent in an individual's budget. In cases where one spouse is paying alimony or child support to the other, additional financial and tax considerations come into play.

The first step in taking control over finances often involves an honest assessment of a personal budget, spending habits and credit. Spouses often find it wise to monitor their credit during and after a divorce. This is particularly true in cases where one spouse is responsible for paying off certain marital debts. Individuals may also want to look into establishing credit in their own name, particularly if most of their credit accounts were jointly held with the ex-spouse.

Individuals who are going through a divorce may benefit from a consultation with an attorney. The lawyer can review the case and make recommendations regarding the applicable legal issues such as child custody and property division. An attorney may also be able to offer advice concerning post-divorce finances that could have a bearing on a request for spousal support.

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