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Financial concerns drive many divorce issues

One individual has moved out, attorneys have been contacted and papers have been filed. Still, the California couple is often tied to one another financially until all of the details have been worked out and everything has been settled. Along with the divorce process comes property division concerns as well as debt issues.

Even though the couple is no longer living together, it is likely that they still have shared debt. The mortgage, utilities, cars and credit cards still need to be paid. Many times both individuals have worked hard to establish a good credit rating; other times, one of both of the individuals will want to begin working toward this goal. Of course, the couple will most likely want to establish which individual is responsible for which debt; however, creditors may look to both individuals for payment on shared accounts. A good credit score will help in securing the credit that each will want as they begin new, separate lives.

Another financial consideration is the division of assets. California is a community property state. As such, marital assets are typically divided equally. In order to verify that all assets are accounted for, one will want to review tax returns as well as other financial documents over a period of several years.  This will aid in developing an inclusive list of the marital assets.

Financial concerns are often a driving force behind many divorce issues. However, by making sure that the bills are paid and all assets are accounted for, each individual is well on the way to starting over. Experienced legal counsel can assist in working out the specific details and navigating the California court system.

Source: startribune.com, "Don't let divorce season upend your finances", Kevin Voigt, April 1, 2017

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