Getting a divorce in California can be overwhelming and confusing. You have to consider finances, living arrangements, spousal support, and custody if there are children involved. The stakes are high, and so are everyone’s emotions. Because of all of this, California divorce financial mistakes can be made.
These mistakes can affect you for the rest of your life. You need an experienced divorce lawyer on your side to guide you.
Divorce in the U.S. and California
The Pew Research Center reports that in 2023, at least 1.8 million people got a divorce in the U.S. Furthermore, one-third of Americans who were married at some point have also experienced a divorce. In California, the U.S. Census showed 7.1% of male residents and 10.1% of female residents have been divorced. A study from Bowling Green University ranked California as 42nd in the nation for divorces.
Divorce Laws in California
Divorce laws in California are highlighted in the California Family Code, specifically in Division 6, Nullity, Dissolution, and Legal Separation. California divorce laws lay out the procedure for obtaining a divorce and the requirements involved. When it comes to a California divorce, financial mistakes can be avoided by following the laws for Division of Property (Division 7).
California Divorce Financial Mistakes
Some of the common financial mistakes made during a divorce can impact your well-being and financial future.
- Mistake #1: Not understanding community property. Community property is anything you acquired during your marriage, including assets and debts. If your spouse bought a home before marrying you, you aren’t entitled to that property. On the other hand, if they built a business while you were married, you can ask for part of it.
- Mistake #2: Hiding assets. People may think it helps to hide assets during a divorce, but it doesn’t. It’s better to be honest about what you have rather than getting caught in a lie.
- Mistake #3: Not budgeting for your expenses after the divorce. Once you are separated or divorced, your expenses can change greatly. Knowing your expenses can help your California divorce attorney when you ask for spousal support.
- Mistake #4: Not considering all the assets. Property, businesses, and bank accounts are usually what people think of as assets. Because you are entitled to whatever is earned, pensions and retirement accounts are fair game.
- Mistake #5: Rushing to settle. There may be a need to get it over with. You just want to be done and put the divorce behind you. Getting emotional and settling for conditions that aren’t appropriate for you can lead to long-lasting effects on your finances.
How to Avoid Financial Mistakes in Your California Divorce
With so many factors to consider, some steps you can take to avoid financial mistakes during your divorce are listed below:
- Hire a divorce lawyer right away. An attorney with experience can advise you on how to handle each step of the process, which can stop mistakes before they happen.
- Gather all your financial records and documentation. Having everything in writing can help your lawyer build your divorce case and provide evidence to the courts.
- You may want to hire a forensic accountant who can track down any misplaced assets from your ex-spouse.
- Discuss mediation and litigation tactics with your divorce lawyer ahead of time, so you know what to expect.
- Manage your emotions. Making snap decisions based on your emotions can undermine your attorney’s plan.
Why Choose Us?
Drury Pullen Law practices family law in Southern California. We pride ourselves on assisting families during the most challenging times of their lives. Dedicated to our clients, we come highly recommended. We strive to be the advocate you need in every step of your divorce. Whether it’s mediation or litigation, we provide resources and information to get you the results you deserve. Don’t face your divorce alone. You need someone on your side.
FAQs for California Divorce Lawyers
Q: How Is Property Divided in California During a Divorce?
A: California is a 50/50 state, meaning everything acquired during the marriage is split 50/50. If there is a prenuptial or postnuptial agreement, the assets can be divided differently based on those agreements. Since community property is considered in California, all assets and debts acquired during the marriage are considered.
Q: Who Suffers Most Financially in Divorce?
A: Every divorce is different, which makes it hard to calculate who suffers more. In a study published in the Journal of Family and Economic Issues, women, especially women of color, have more economic consequences after divorce than men. This is because women are historically paid less than men. Also, women usually carry the burden of raising children and running a household, which may not be considered as much during divorce proceedings.
Q: How Much Does a Divorce Cost in Southern California?
A: The cost of a divorce in Southern California depends greatly on your situation. If you are doing an uncontested divorce with no children involved, you can do mediation, which doesn’t cost as much. For high-net-worth divorces, it can cost more because of the assets and other evidence to consider. When a divorce mediation breaks down and the case goes to litigation, it can get expensive due to additional hours in court.
Q: Do I Need a Lawyer for My Divorce in California?
A: Yes, you need an experienced divorce attorney on your side. You don’t want to be taken advantage of by your ex’s lawyer. You don’t know the ins and outs of California law. You may trust that your former spouse is going to take care of you, but there’s a chance they won’t. Having someone to assist you from beginning to end can be priceless while going through such a difficult time in your life.
At Drury Pullen Law, we want to achieve the most acceptable outcome when it comes to your divorce. We can be an ally who can direct you to the next step. We don’t want you to make mistakes. Our former clients comment on how responsive and compassionate we are. Let us show you how we can help in your situation. Contact us to schedule a consultation to discuss your divorce.