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Protect your future by avoiding divorce mistakes

| Jan 10, 2020 | Uncategorized |

A divorce can change everything. All the things you may have placed your trust in are now on the line. In the middle of dealing with your present emotions, you may have many concerns about what your future will look like, and rightly so. Will you have to move? What will child custody look like? How will you manage the holidays?

Perhaps one of the most concerning elements of a divorce is worrying about your financial future. Even if you are comfortable now, that could all change once you sign the papers. The outcome of a divorce may seem simple since California’s community property laws direct the equal division of marital property. However, there are certain actions that could complicate that for you.

Don’t let emotions cloud your vision

As soon as you realize divorce is in your future, you would be wise to gather as much financial documentation as you can. Make copies of social security statements, bank statements and investments for both you and your spouse, and gather as much information as you can about your mortgage and home improvement projects. These and other financial documents will help ensure you are getting a fair share of assets and debts. If you wait, you may have a difficult time finding the information.

Other important steps to take to minimize your financial struggles after divorce include the following:

  • Learn about the tax implications of assets like retirement accounts and investments, which may affect the actual value of the asset after the divorce.
  • Understand whether spousal support will benefit you in light of the recent changes in tax laws.
  • Close any joint credit accounts and remove your spouse as an authorized user to prevent your spouse from adding more debt.
  • Pay off as much joint debt as possible since creditors will hold both of you responsible even if a divorce order assigns certain debts to one spouse.
  • Keep your social media comments to a minimum, especially anything that concerns your divorce or your financial situation.
  • Consider using an alternative method of divorce, such as mediation, which can be much less expensive than litigation.

These are only a few of the steps you can take to reduce the stress of your divorce and improve the chances of a favorable outcome. By consulting with an attorney as early as possible in the process, you can learn of other ways to meet your goals and have an advocate to protect your rights and advise you of the most appropriate steps to take along the way.

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"Kennedy helped me with my legal issue and was just amazing throughout the whole process. He was always available to explain everything to me and really put my mind at ease. I am not an easy person to work with and Kennedy really helped me calm down and guided me through my issue. I could not have obtained the result I did without Kennedy's expert assistance. His command of the law is truly impressive." — Jeff
"Even though Kennedy looks like a 17 year old, he is impressive in his knowledge of law, his intuition of the case and his strategies for settlement. He seems equally capable and comfortable in the courtroom or at the settlement table. He helped me weigh the facts, consider the emotions and evaluate the cost of my case. He leans toward the collaborative style of divorce and I believe wants the best for his clients. In partnership with Cristin Lowe, they make an impressive team." - William
"Kennedy also helped me relax as much as possible. The emotional cost in such cases is extremely high. Kennedy would help manage this and understood the struggle I faced. He acted with great professionalism and with compassion to help me work through the case..." - Robert