When California residents file for a divorce, they are likely to focus on just getting out of a failing marriage. However, it’s important to keep track of things like how assets will be divided and whether the recipients will be able to afford to keep them.
One of the biggest questions during a divorce is who will keep the family home. While it is normal to want to stay in a home where someone has been established, it’s important to keep the costs in mind. Along with the mortgage, a person will have to pay property taxes, insurance premiums and the cost of upkeep. This may not be possible on a single income.
Individuals should also understand that their financial picture will be entirely different after a divorce. In addition to only having one income, people will also be expected to pay for all of their living expenses. This can be a startling change even if someone will be receiving alimony and child support. It’s a good idea to consider downsizing to head off problems that could arise in the future.
Whether someone goes through a mediated or litigated divorce, it’s important that they understand how the law deals with issues related to the ending of a marriage. This can help people understand what they have rights to and what they can ask for. Legal assistance can be invaluable throughout the process, and each party should have separate representation. Even though mediation sessions are conducted by an impartial third party, the participants are entitled to have the advice and counsel of their respective attorneys.