Tinero, Aharonov and Associates Tinero*, Aharonov and Associates A Family Law Practice, LLP

* Ellen Friedman Tinero has retired from the firm


Financial steps are important to take after divorce, too

Trying to reach a settlement when dissolving a marriage in California can oftentimes feel impossible. Thus, when two spouses finally achieve a divorce settlement, this is typically cause for relief and celebration. However, even after a couple's settlement documents have been signed, the work is not over. Taking a couple of additional important steps is necessary to protect one's best interests financially.

An important first step is to look after one's credit. This involves canceling any remaining joint credit card, as one party may abuse this card, generating large amounts of debt that both will be responsible for paying off. It also involves establishing credit in one's name alone, which will help with renting an apartment or buying a car in the future, for example.

Another important post-settlement step is to tackle estate planning. For instance, a spouse may wish to alter his or her estate planning documents so that his or her ex-spouse is no longer listed as a beneficiary. Changing other beneficiary designations on annuities, trusts, pensions, retirement accounts and insurance policies may also be a wise move to prevent these assets from ending up in the ex's hands.

Going through divorce in California can understandably be an arduous process from both a financial and an emotional standpoint. However, an attorney can provide the guidance needed to navigate this type of family law proceeding from start to finish. The attorney's goal is to make sure that one's rights are protected and that the most personally favorable outcome is achieved given the circumstances surrounding the marital breakup.

Source: forbes.com, "A Checklist To Help You Manage Post-Divorce Finances", Jeff Landers Share, Feb. 12, 2018

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* Ellen Friedman Tinero has retired from the firm