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Couples heading for divorce in California need to take a lot into consideration, including living arrangements, child custody and spousal support. All of these are important topics that should never be glossed over by either spouse. Let's take a look at the financial considerations divorcing couples should consider so that there are no surprises.
Tax questions can become significant when you get divorced. Maybe your former spouse was the one who filed the annual return for you. Now you need to either learn the tax law and how to complete a tax return or hire an accountant to file the return for you.
Debt does not disappear from your name in a divorce. Even if your former spouse keeps the marital home and pays the mortgage, you are still responsible for that mortgage if your name is on it. Therefore, if your former spouse stops making payments on the mortgage, it could lead to big credit problems for you.
Splitting real estate is another consideration when getting divorced in California. If the family home is going to be sold, who will keep the proceeds once the mortgage is paid? If the house is sold for less than you still owe, how will the two of you split what is owed on the home?
Divorce can be a touchy subject for a lot of people. Even if your marriage has been failing and you know it is imminent you still might not want to think of it. If you know divorce is coming you should take a long look at the financial considerations and discuss them with your California family law attorney.