The decision to divorce was likely not one you came to lightly. You may not have even made the decision yourself but learned that your spouse wanted to end the marriage. Whatever the case, your mind has likely been reeling as you think about how this major change could affect your future.
You will certainly see many changes in the coming weeks and months as your case proceeds, and the outcomes of your case could affect you for years to come. In particular, you may worry about how the divorce will affect your finances and other assets.
Major changes are likely
You may be accustomed to a certain lifestyle, and worrying that your divorce will cause damage to that lifestyle is understandable. After all, you will likely find yourself facing property division proceedings that could result in a 50-50 split of your marital assets since California is a community property state. As a result, any assets you acquired after you tied the knot could end up divided between you and your soon-to-be ex-spouse.
In particular, you may have real estate that could be a significant concern during your case. Often, the family home becomes a contested item during property division proceedings, but you could have multiple properties that could face impacts. For example, you may have investment or rental properties, commercial property or vacation property that can act as extra sources of income or just hold value in general. If so, you may need to determine how to work toward keeping the real estate you desire.
Do not forget your retirement account
Like many people, your employer may handle your retirement funds through a 401(k) account. However, it is important that you know the ins and outs of that account before your divorce proceedings because retirement funds are divisible under property division laws. As a result, your hard-earned savings earmarked for your golden years could quickly diminish when divided with your future ex.
Financial instability is frightening, and you may worry that you could end up in such a predicament due to your divorce. Fortunately, you do not have to walk into your case without any idea of what to expect. You can work with an experienced family law attorney who can advise you on how to handle property division proceedings and what steps you could take to maintain ownership of desired assets.