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Financial considerations when getting a divorce

On Behalf of | May 27, 2021 | Divorce |

When getting a divorce, finances need to be something that you spend a lot of time thinking about. Although you may be preoccupied with the emotional turmoil of ending a relationship, you need to know how to take care of yourself once you are on your own. Here are some things you need to think about regarding your finances when going through a divorce in California.


You will no longer have a partner who you can count on if you don’t have enough money to pay your bills or feed yourself. This is why you need to create a budget before you get divorced — so you can begin to save your own money and figure out how to live using the least amount possible. You don’t want to divorce your partner then immediately become homeless because you cannot afford to put a roof over your head.

Create your own accounts

Married couples often have many joint accounts for many things. While getting a divorce, you should create your own checking and savings accounts and close any joint accounts you may have with your soon-to-be ex. This will make it easier to track your own money, and it will keep your former partner from spying on your finances.

Take advice from professionals

It is a good thing to lean on your family and friends during this frustrating time. However, you should not take any financial advice from them. It is always better to consult a professional financial advisor during these situations to help you decide what to do with your money and how to organize your finances.

Taking advice from somebody close to you when it comes to legal and financial affairs is not a good idea because this person will be biased. Having a lawyer or a financial advisor to guide you will be helpful because he or she will be unbiased and tell you what you need to hear instead of what you want to hear.

Ending your marriage will change your life completely, so you need to prepare. While it may be hard to get over the emotional trauma involved with your divorce, getting your finances straight will make your life easier in the long run.