For California residents whose marriages are coming to an end, there are a number of things that will change in their life. In addition to finances, people with children are also going to have to deal with major differences in the way that they raise their kids. Due to the fact that people’s lives are so different after their marriage ends, it can be easy for things to slip through the cracks.
One common mistake individuals make in relation to divorces is not paying off bills, especially ones that were for joint accounts. In many cases, people are not aware of a bill or have forgotten about an account. Doing a credit check before the process begins can help people avoid nasty surprises after a divorce is finalized.
Another frequent issue is when people forget to change their estate plans to reflect their divorce. In addition to removing the former spouse as a beneficiary under a will or trust, people will also need to update their beneficiary designation for things like life insurance policies and retirement accounts. This will avoid a situation where an ex-spouse receives a distribution that was not intended by the account or policy holder.
There are a large number of issues that someone will have to deal with during and after a divorce. Understanding the potential implications of how things are decided during the process may help people plan for life after their marriage ends. A family law attorney could assist a divorcing client by explaining how things are normally determined by the court and how different outcomes may affect them.