California residents may feel uneasy about the financial ramifications of their divorce. However, there are ways to keep costs to a minimum when ending a marriage. For instance, it may be possible to seek out mediation instead of going to court. On average, the process costs between $5,000 and $9,000, which is less expensive than opting for litigation in most cases. Mediation may also be ideal because it focuses on an equitable split of marital property.
It may also be a good idea to create a budget for after the divorce. This will make it easier to account for expenses like legal fees and child support payments. It may also help an individual account for retirement savings and paying other bills on a single income. Those who have joint accounts with their former spouse should close them as soon as possible.
After a divorce, individuals should update the beneficiaries on life insurance or retirement accounts. Doing so ensures that the right person gets the money in the event of the owner’s death. Finally, it may be worthwhile for someone who has just gotten a divorce to obtain a copy of their credit report. This may make it possible to learn more about their credit score as well as ensure that the information on their report is accurate.
Individuals who are going through divorce may be able to make the process easier by seeing a mediator. Mediation may make it easier for a person to express his or her feelings and obtain assets necessary to live after the marriage is over. Although the mediator may help to forge an agreement, it may be best to have an attorney review it before it becomes official. Once an agreement is signed, it generally becomes binding.