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Create a financial plan during divorce before it becomes an issue

Regardless of how good a divorce settlement is, a California resident's financial situation will change. Less income and more expenses are the hallmark of most people's financial lives after a divorce. Failing to plan for this eventuality could prove financially disastrous.

California residents who are entering into the divorce process are encouraged to have as complete an understanding of the marital finances as possible. This is often suggested in advance of negotiations to divide assets and debts. However, this information can also help to determine what a party will need post-divorce to maintain the current standard of living -- if it is at all possible to do so.

Most people are required to make certain sacrifices when they separate one household into two. However, with some advance planning, it might not be as difficult as it would be otherwise. Creating a budget is the best way to gain a full understanding of what resources will be available.

Rebuilding savings and retirement might not seem to be a priority when the parties are trying to determine who will keep the house or how much time each parent will spend with the children. However, these issues will become important at some point. One of the realities of divorce is that each party has a chance to start over -- including financially.

Taking advantage of this opportunity during the divorce proceedings might seem ill-timed, but it is actually the best time to do so. Each party's future, along with the future of any children, will rely on making sound financial decisions. Negotiating a divorce settlement could go more smoothly and be more fruitful with a post-divorce budget as a financial guide.

Source: The Huffington Post, "Newly Divorced? Focusing On Finances Can Help You Move On", Bob Stammers, Jan. 29, 2016

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