When going through a divorce, some couples will do anything to just get it over with. No one wants it to be a long, drawn out process, but speeding through a divorce — particularly when working on asset division — can create financial issues after the fact. Couples in California who are working through a divorce may want to consider the long-term consequences of the terms of their property division before agreeing to it.
Generally speaking, once marital property is divided, it is a done deal. There may be extreme cases that can be proven that one spouse was treated unfairly, and in those cases an appeal may be appropriate. Otherwise, community property — whether physical or financial — is divided according to the agreed upon terms and called a day.
Before accepting terms of property division, it would be wise to consider what individual finances would look like post divorce. Are support payments going to be put in place for children or spousal support? If so, what happens if the payor of these payments dies or is unable to meet these obligations? Who is responsible for unsecured debts, and how will those affect monthly income? How is monthly income going to change after divorce and what can really be afforded?
There are many questions when it comes to the financial aspects of dividing a marriage. Asset division, specifically regarding finances, can be confusing, and it is easy to make mistakes. California spouses working through a divorce would likely benefit from researching what they are entitled to receive, considering their post divorce economic situation, and seeking counsel on financial matters when needed. Taking these steps can help ensure a fair settlement is reached for each party.
Source: Time, “The 7 Biggest Mistakes That Divorcing Women Make“, Lilith A. Vasileff, July 9, 2014