One of the most challenging parts of the dissolution of a marriage is dealing with the financial aftermath of it. Specifically, figuring out how to tackle retirement planning post divorce can seem overwhelming. Here are some pointers for taking a fresh approach to retirement planning following the divorce process in the Bay Area.
When parents file for divorce, they still have a responsibility to support their children both emotionally and financially. California uses the income shares model of determining child support, meaning both parents’ income is factored into the child support payment. Children are entitled to receive the same amount of financial support that they would have if their parents would have stayed together. Yet, when one parent fails to make their court-ordered child support payment, there can be severe consequences. Not only is it a federal law to stay on top of child support payments, but it is California state law as well.
If you pay attention to the news or if you have heard a horror story or two, you know that divorces can take years to finalize. However, just because the legal process works slowly does not mean that your bills halt or that your child stops costing you money. While your California divorce is pending, your child will still need healthcare. He or she will still need new clothes for school, food to fill his or her belly and money for sports, field trips and after-school activities. You may worry about how you will pay for those expenses, especially if the other parent is unwilling to contribute. Fortunately, most states, California included, allow for temporary orders.
There are many worries Californians may have when getting divorced. When they are parents, this generally includes major concerns about how the divorce will impact their kids. It is important for parents to remember that there are many things they can do to protect their kids in relation to a divorce.