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It is possible to survive property division financially intact

The divorce rate among older couples has continued to climb since about the mid 1990's. Though the reasons may vary, the end result may put financial pressure on one or both parties, especially when it comes to property division. Though California is a community property state, there are ways to ensure that one can survive a split in relatively sound financial shape.

Traditionally, though many couples may have agreed to share responsibilities during the marriage, it is still quite common for one or the other spouse to handle the family's financial affairs. While this may work reasonably well during the marriage, a divorce can change the entire financial picture. There are steps that can be taken that may improve the chances of emerging relatively unscathed.

One of the first steps may be to determine what to do with the family home if the couple owned one. It may not be the best choice to retain a house due to the attendant costs that come with the property. Additionally, one spouse may not qualify for a refinance of a mortgage due to a reduced income. Health insurance is another expense that one spouse may need to consider, especially if the other spouse maintained coverage for both. Retirement accounts (if any) also require consideration while going through the dissolution process.

Ultimately, whatever settlement the parties reach should not put one party at a significant financial disadvantage. There are ways to help improve a party's financial position in spite of the setbacks a divorce may bring. Each party is assured the right to consult an attorney who is experienced in navigating California's property division laws in order to help gain a secure financial footing during the next phase of life.

Source: CBS News, "Divorce tips for financial security", Jillian Harding, Nov. 13, 2017

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Victoria S. Linder Law Office
5303 Folsom Boulevard
Sacramento, CA 95819

Phone: 916-905-4805
Fax: 916-498-0127
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