Financial Pitfalls and Mistakes to Avoid During Your CA Divorce

Pleasanton CA famiy lawDivorce carries untold implications and the resulting outcome can shape your life for years to come. In addition to changing your life circumstances and living arrangements, a divorce can upheave your current and future financial life. This is simply the nature of divorce, and some changes cannot be avoided. 

What you can do however is take steps to try and land in the most ideal scenario, particularly when it comes to your finances. The best way to approach this is to explore and avoid the most common financial pitfalls that people fall into when dealing with their CA divorce. 

Today’s post is a quick look at some of these bigger yet more common financial errors that people commit during their CA divorce.

Dealing with Hidden Assets During Your Divorce

Property division is a critical component of your divorce, one that helps determine which assets and debts go to which person after the divorce. The courts will often try to navigate towards an equitable arrangement that is “fair” to both parties as CA is a community property state. That means that anything acquired after the marriage is subject to be split evenly and fairly. 

One of the most common mistakes we see is either people misinterpret or omit key financial information during the disclosure process to try and keep more resources. Either that, or they fail to detect that the other party is hiding assets or not disclosing all required information. This puts you at a disadvantage and could lead to an unfavorable outcome that negatively affects your finances for the long-term.

Post-Divorce Pitfalls

Once the divorce wraps up, the financial checks and tasks aren’t exactly finalized yet. You need to follow up on all key documents and benefits such as wills, estates, and other accounts where they might potentially be listed as a beneficiary. Above all, you’ll want to make sure that you are fully separated from the ex in all financial matters.

Not Hiring An Attorney ASAP

Perhaps the biggest pitfall: many people forego the assistance of an attorney in an attempt to further save money and resources. This is generally a huge mistake as the other party is likely to show up with their own legal counsel. Not just that, but if you delay reaching out to an attorney ASAP, you’re giving both them and yourself less time to prepare and adequately arm yourself with the proper resources and evidence to protect your interests during the upcoming legal battle. 

At White Oak Law, we understand that every case is unique, which is why we always take the time to learn about your individual circumstances. Call us at your earliest convenience to schedule an appointment with our team of legal professionals in CA. You can reach us at 925-271-0999 where our CA divorce attorneys are standing by to discuss all your CA family law matters.