Protecting Your Financial Future After Divorce
It is natural for divorcees who have accumulated a lot of marital assets to get involved in heated arguments about who gets what. This is particularly true for high-end contested divorces as they involve higher levels of conflict that only an experienced Westlake Village high asset divorce attorney is equipped to handle. It can be difficult for some individuals to get back on their feet but it is possible to recover from divorce financially and emotionally. You can secure your financial future when you hire an experienced family law attorney in your area.
It is essential you hire an attorney during the early stages of your divorce. These are big decisions that will affect your future and the future of your loved ones, especially if there are
children involved. It is not wise about making life-changing decisions when you are emotionally unstable. This is not a good time to invest or make a move that could affect your ďŹ nances. Some unwise choices such as moving out of state, taking a lavish vacation, and going on a shopping spree will make you feel better but only for a while. Then you will have to face the dramatic consequences of your bad decisions.
Making The Right Decisions
Create a Budget This the ďŹ rst and most important step to ďŹ nancial freedom. You need to check how much money is coming and how much you need to cover all your monthly expenses. Knowing where the money goes after a divorce is essential. Remember you may have new expenses such as child support and alimony that need to be included in your budget.
Update Your Beneficiaries You should revise the beneficiaries in your retirement and life insurance accounts. Remember your divorce will not terminate your spouse’s rights so you need to submit the change of beneficiary form to the specific institution otherwise the person listed in the account will receive the benefits. You should also revise your will. Meet with your divorce attorney in Westlake Village so that your former spouse is no longer entitled to these benefits.
Emergency Fund Creating an emergency fund can be very beneďŹ cial. Remember when you were married you relied on your spouse but now you will have to cover your own unplanned home expenses and medical emergencies. Emergency funds should cover three to six months of living expenses, especially if you are single.
Ask Your Attorney To Review Your Divorce Documents It is important you revise your divorce documents even after your divorce has been ďŹ nalized. Some clients contact their attorneys months after their divorce was ďŹ nalized to resolve outstanding items. Also, if your former spouse is not complying with the terms in your divorce agreement, you may need to go back to court and reinforce the agreement.
Contact An Attorney Consult with a family law attorney who specializes in this area of law and ask about effective ways to handle your divorce. You can avoid many ďŹ nancial mistakes when you seek professional assistance. Think about your future and call them today!
Contact: Law Offices of Stephanie L. Mahdavi A Professional Law Corporation Address: 4530 E Thousand Oaks Blvd, Suite 200 Westlake Village, CA 91362 Phone No: 805-379-4550 Website: https://www.slmfamilylaw.com/contact/