There’s no doubt that divorce can easily become a complicated and a messy job, especially when matters involving money are concerned. Your finances will definitely be one of the first to be affected by your divorce and here are some things that you will probably encounter:
Depending on the state where you live in, you can settle property matters by establishing an agreement with your spouse as to how the property will be divided. There are also some states in the U.S. which are classified as community property states which means that they have laws stating all assets acquired during the marriage by both parties are joint marital assets.
The first thing you need to do when settling debt is to get your credit report. From certified agencies. Your report will allow you to see how much you owe under your name and this makes dividing debts much easier. Once you’ve settled the amounts that need to be paid, it’s important to pay off the debts as soon as possible.
Given the many other financial concerns and burdens faced by divorcing couples, it’s no longer surprising to think that tax is not that much of an immediate concern. But do remember that overlooking your taxes can easily spell thousands of dollars in penalties.
Know what you’re entitled to when it comes to retirement savings. Did you know that you are entitled to up to half of the retirement savings of your spouse? You can use the money you’ll be getting to pay off the down payment of a house or to cover your relocation expenses.
All property including the marital house, commercial and business properties, vacation houses, and even rental property are all subject to negotiations. If you and your spouse have agreed to sell the marital house, know who will pay for the expenses of the house.
There will always be financial hurdles along the way but with the help of your family law attorney in Santa Barbara, you can rest assured that you won’t have to do it all alone.
Based in Marin County, CA and with offices that serve San Francisco, Napa, Walnut Creek, and Santa Barbara, CA, Kaspar & Lugay LLP is a dynamic boutique law firm focusing on divorce and other fami...
