When people go through a divorce, the financial pendulum usually swings one way or the other. For some in California, they may walk away from the marriage financially strapped. Others might actually gain more wealth and thus have more to manage. Financial planning is paramount in either case, as it may help a person to make the most of his or her monetary situation following divorce.
During a divorce, it helps to create an inventory of everything one owns. While conducting an inventory one’s assets, it is critical to differentiate jointly owned and separately owned assets. People will also have to decide what they’d like to keep and what they are okay with parting with. Developing an asset inventory unfortunately might be more challenging for those who weren't the spouses who were paying the household bills regularly.