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How will a divorce impact your financial situation?

On Behalf of | Oct 19, 2021 | Divorce

The decision to pursue a divorce usually comes from a place of deep emotions. For whatever reason, the marriage simply isn’t working out. For most people, this is a life-changing decision. However, once the initial emotions subside it is important to focus on the legal process of the actual case. And, for many divorcing couples in the Los Angeles area, one of the biggest concerns in the case is the impact on the couple’s financial situation.

So, how will a divorce impact your finances? Well, in many cases, there are some common aspects of the property and debt division part of the case. As a recent news article mentioned, the family home is typically the biggest issue when it comes to finances in a divorce. How will that major financial asset be treated? Will one of the spouses keep it? Will it be sold and the profits split? There are many options to consider.

Debt is probably the next biggest issue in the financial part of a divorce case. Credit card debt, student loans, car loans – these are all debts that, in many cases, were accumulated by the couple together. How those debts are split can have a major impact on your post-divorce life.

Thinking though your situation

Although the issues listed above are common in many divorce cases, your divorce case is unique to you. At our law firm, we understand that our clients want the best advice they can get about their own situations. Thinking through the divorce case and how your finances will be impacted is an important consideration. For more information about how our law firm works with Los Angeles area residents to get through their divorce cases, please visit the divorce overview section of our website.