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How can I financially prepare for a divorce?

If you are one of the many California residents who is married but may be contemplating a divorce, you are not alone. You may be wondering what your life would be like after a divorce and your finances may be a big part of this. If you have not been directly involved in all aspects of your marital finances, now is the time to get educated about as much as you can.

As explained by CNBC, you should make sure that you have access to all financial accounts. Learn the fullĀ value of all assets and debts shared between you and your spouse. Collect data on all living expenses including housing, utilities, health insurance, car insurance, out-of-pocket medical expenses, vehicle insurance, vehicle maintenance and more. If you have children, track and review the costs involved for extracurricular activities as well as daily living.

If you want to keep your family home, you should carefully review the true cost of home ownership. This is about so much more than a mortgage payment every month. You will want to factor in regular maintenance and repairs, property taxes and insurance. You may determine that it is not wise for you to take on that financial load so you can make a smarter decision for your future.

This information is not intended to provide legal advice but is instead meant to give residents in California an idea of the factors they should learn about and review carefully before getting divorced so that they can be properly informed about their financial situation and prepare for their future appropriately.

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