California couples who are ending their marriage can organize their finances in a way that might make the process less difficult. While they may get advice from friends and family, it is important to remember that legal and financial professionals might be able to offer more reliable counsel, and people should not hesitate to consult and hire these professionals if necessary.
A person who has not been keeping up with household expenses should make a budget that details what is incoming and outgoing in order to get a better sense of how debts and assets might be divided in the divorce. Gathering documents, such as tax returns, pay stubs, credit card statements and retirement account information, might help in understanding the family finances. Having this documentation early in the process may also be helpful if the other spouse becomes resistant later to sharing information. Furthermore, there may be legal action that can be taken against a spouse who is not cooperating in the disclosure stage of a divorce.
People should not make changes to wills or beneficiary designations and should avoid any major purchases during this time. Overall, an effort should be made to spend and save normally. Otherwise, a person could run into legal problems.
In a high-asset divorce, the process of property division may become particularly complicated. Although most people do not aim to draw a divorce out unnecessarily or spend a huge amount of money on it, in some cases, a more prolonged process might be necessary. One spouse might be trying to prevent the other from claiming a fair share of marital assets. It might be advisable for the parties to ask their respective attorneys to assist in negotiating a settlement agreement instead of going to court for what could be a bitter, lengthy and expensive battle.