If you’re planning to get divorced in 2020, you need to prepare and consider a realistic strategy now. Divorce filings surge in January as people decide to start their New Year with a clean slate.
However, don’t let your emotions get the best of you- it is important to first research the financial and legal implications.
Some advice we often suggest is that one seeks out several professionals to help guide you in the process. A psychologist can help you make sure that you are making a clear-headed choice and that you have emotional support and counseling. A certified financial planner can help outline the financial implications. And most importantly, a Divorce Lawyer who can prepare you for all that is to come. Make sure you interview appropriately and find an Attorney that offers option solutions such as Mediation, Divorce Coaching and not a ‘one stop shop’ Attorney, but someone who focuses in the area of Divorce.
If there is no prenuptial agreement, realize that all marital assets are community or marital property, meaning assets acquired during the marriage are divided equally when a couple divorces. This is why it is important to gather all of your financial records prior to a filing.
While you’re mulling your decision to divorce or not, take an inventory of your life insurance policies and retirement accounts (including IRAs and 401(k)s) and think about who you might want as a beneficiary in lieu of your soon-to-be ex-spouse. In addition to the divorce decree (should you file papers), you may need a “Qualified Domestic Relations Order” — a court order that requires workplace retirement benefits or IRAs to be split. People who are not in good health may need to think about such issues should they lose their independence.
More baby boomers are getting divorced and will likely be more concerned about retirement given they are closer to retirement age, currently 66. Social Security benefits may (or may not) be affected after divorce and will likely be less if your current or soon-to-be former spouse dies.
Ending a marriage is stressful and there are options for those who can’t afford high-priced professional therapists such as group therapy/support groups for newly divorced people through organizations like DivorceCare and the Action Family Foundation.
Talking to a lawyer is not being unfaithful, it’s about being smart and protecting yourself.
For more information and to schedule your free consultation, please call The Law Offices of Steven B. Chroman, P.C., at 661-255-1800 or visit us at www.chromanlaw.com. Mr. Chroman is a Trusted Advisor Award Winner and named Top 100 California Attorney’s with over 20 years of experience and local service.
This article was originally published in Santa Clarita Magazine as part of our firm’s mission to make family law information more accessible to the Santa Clarita community. Read the full feature and others at santaclaritamagazine.com.