Divorce is not a decision that should be taken lightly. Much thought should be taken before making the decision to divorce. For some this is a process that takes years to complete. Some couples separate once or many times before making the ultimate decision to divorce while others just wait it out waiting for the right time to divorce.
The questions remain, when is the right time to divorce? What is the financial impact of divorce? There is no simple answer and in fact, the answer will be different for every person who contemplates this difficult decision. I can tell you that understanding finances is an important thing to think about when deciding whether divorce is the right option.
As a San Diego child custody attorney, I can share with you whether you work and can ensure enough savings to take care of yourself and children while involved in the divorce process and afterwards is extremely important. Setting aside enough money to afford an attorney and also set up a residence is important to plan for.
As a family law attorney in San Diego, I can tell you once you get divorced in California, income that was earned during the marriage and bank accounts that were used for this income, become community property. This means that the money you may have had during marriage is not all yours and most likely will be split with your spouse. Discussion of community property versus separate property is a conversation too large to discuss in this blog, but it is something to consider especially if you had the misconception that all money you earned during marriage would be your own to use.
Once you have separated you will need to set up your own bank account in order to save your money for cover your expenses. You may wish to find a financial advisor to discuss with them the implications involved with a divorce.
Finally, you should hire a good family law divorce attorney who not only knows the divorce process, but is also compassionate enough to deal with the emotions that accompany this process.
Knowing these few issues discussed above can help you with your decision whether divorce is right for you.
Good luck!
