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Financial literacy could help you during divorce

Though the new year is well underway, you may still have a few resolutions on your mind. In particular, you may feel strongly about taking the first steps toward ending your unhappy or unhealthy marriage. Just thinking about making such a major change may have you feeling anxious, but many people feel the desire to file for divorce during the early part of the year.

Ending a marriage is certainly a substantial life change, and you undoubtedly want it to be one that will set your future on a more positive track. If so, you may benefit from avoiding some common divorce mistakes.

Social media is not support

Understandably, you may feel a need to connect with others and seek support during this difficult time. However, turning to social media for that support may not work in your best interests. Anything you post online could potentially become evidence for your divorce case, especially if you post about spending money.

Many people want to make their online lives seem put together when they feel like they are falling apart in real life. However, if you post photos of expensive dinners out with friends or boast about a self-care vacation, your ex-spouse could use those posts to show that you do not need as much alimony as you claim or that you can pay more.

Know thy finances

In many divorce cases, people put themselves at a disadvantage because they do not understand the household finances. If this applies to you, now is the time to gather information about bank accounts, household expenses, retirement accounts, debts and much more. Your financial literacy could help you reach better outcomes relating to property division.

Another aspect of knowing your finances involves understanding how taxes apply to certain assets. You may think that you can afford to keep up with the mortgage payments on your home, but if you forget to consider property taxes, you could wind up in the hole.

Knowledge is power

Even if you are just considering divorce, becoming more knowledgeable about the various aspects involved in a case could help you. By understanding what to expect, you may feel more comfortable moving forward and give yourself a better chance of building a solid future. In efforts to gain reliable and applicable information, you may find it helpful to consult with a California family law attorney.

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