How to Financially Survive a Divorce

by | Jul 20, 2020 | Divorce

When dealing with divorce or legal separation, chances are that all parties involved have a lot going on. As stressful as the situation might be, it’s still important to remain aware of the financial considerations of a divorce.  

The Division of Assets

It’s easy to get caught up in strong emotions when dissolving your marriage, but a clear head is required to properly divide assets. Not taking measures to fully understand the consequences of a settlement can lead to untold grief and years of stress. 

Determining what each party is entitled to is almost never an easy process. You’ll need professional guidance to be able to make sound decisions about who gets what. Unfortunately, there is no one-size-fits-all approach to marital asset division. 

Housing Costs

It’s wise to consider your housing situation when going through the divorce process, especially if you suspect that you will need a new place of residence. In many situations with children, their primary provider may agree to live in the former family residence, but that might not be the smartest move financially. 

Adjusting to a singular source of income often involves a whole new budget, and a different standard of living. If an agreement can’t be reached about the house, or it’s not possible to maintain on one income, it may be the right time to consider selling. 

Financial Independence

If you shared joint bank accounts and lines of credit while married, it’s important to set up your own accounts now that you’re apart. Establishing separate bank accounts helps to protect your access to available finances from your soon-to-be former spouse. 

Financial independence also involves eventually taking on the responsibility of filing your taxes as a singular entity. If you have children, you’ll want to come to an agreement about who will claim them as dependents. 

Assessing your new income level may be a challenge at first. Transition is often uncomfortable, and sacrifices may be necessary. We can all anticipate that there will be times when unexpected financial curveballs will come our way. For instance, if you’re a beneficiary on your former spouse’s insurance, once your divorce is final you will find yourself newly uninsured. Make sure to consider such factors going forward to ensure your personal needs are taken care of. 

Your Financial Future

Walking on your own two feet after going through the intensity of a divorce may require downsizing non-essential financial burdens, or even seeking new employment opportunities. That’s why it’s important to address the financial considerations of divorce sooner rather than later. At Whipple, Mercado & Associates, LLP, we can help you plan for your future after divorce. Contact us at (925) 344-5050 for a free initial consultation.

Tammy J. Mercado

Tammy J. Mercado has a passion for helping her clients achieve their desired results. She listens and she personally and promptly responds to your texts, emails and phone calls. She offers real solutions to your legal matters. Tammy will carefully evaluate the legal issues in your case, provide you with sound advice and offer you the pros and cons of each possible scenario so you can meet your legal objectives. She encourages clients to participate in their own matters. Tammy believes that client participation is key to a positive result and to keeping attorney fees as low as possible. You can be sure that she will offer you straightforward, sound and honest advice in a professional manner, with integrity and excellence.

Before opening her own law practice, Tammy worked for many high-volume law firms. This gave her extensive, diversified experience in hundreds of complex family law cases as well as civil matters. She is admitted to practice law before all courts in California and the United States District Court for the Northern District of California. She is also a member of the American Bar Association, the Contra Costa Bar Association, the Alameda County Bar Association and the Bar Association of San Francisco. Tammy is also a member of the Rotary Club of Danville.

Tammy is a graduate of John F. Kennedy School of Law and holds a Bachelor of Science in business management from the University of Phoenix. Tammy is also a licensed real estate broker, which comes in handy for valuing property in family law cases as well as real estate matters in the civil arena.

During her off time, Tammy is an avid sailor who crews and races on various boats in the San Francisco Bay. Tammy approaches each case as she would any yacht race: by assessing the other’s strengths, weaknesses, experience, equipment, history and reputation. She is a member of the American Sailing Association, and she is a certified Coast Guard Auxiliary member.

HONORS AND AWARDS
Tammy was selected to receive the prestigious “Business Person of the Year” Award in 2017 for the San Ramon Chamber of Commerce.

Tammy is currently serving as Danville Rotary President for 2017 through 2019.

Mary C. Whipple, CFLS

Mary C. Whipple opened her first law practice in the summer of 2008. She previously was an associate attorney at the Law Office of Cummins & Holmes, a full-service civil litigation law firm in San Ramon. The majority of her experience is in family law, which includes divorce, custody, support, prenuptial agreements and domestic-violence restraining orders. Certified by the California State Bar’s Board of Legal Specialization, she is a specialist in the area of family law. Mary has also represented clients in a variety of non-family-law cases, including juvenile dependency, probate, breach of contract and employment disputes, to name a few.

Mary also previously worked as a contract attorney for O’Melveny & Meyers in San Francisco while simultaneously volunteering at the Bar Association of San Francisco’s Volunteer Legal Services Program, representing defendants in unlawful detainer actions. The program acknowledged Mary with an Outstanding Volunteer in Public Service Award in 2006 for her efforts in providing access to justice.

A seventh-generation Californian, Mary is a graduate of Loyola University Chicago School of Law. She earned her Bachelor of Science in criminology at Southern Oregon University in Ashland, Oregon. She is a member of the State Bar of California, the Alameda County Bar Association, and the Contra Costa County Bar Association.

In addition, Mary is active in her community as a member of the Ambassador’s Committee for the San Ramon Chamber of Commerce; a volunteer at the Contra Costa County and Alameda County Superior Courts, where she assists self-represented litigants in completing their divorces; and a member of Divorce Angel, where she provides information regarding family law matters to members of the community. Since 2007 she has been a volunteer judge for Alameda and Contra Costa County’s Annual High School Moot Court Competition. She is also a member of the Danville/Sycamore Valley Rotary Club. She was awarded the San Ramon Chamber of Commerce 2012 Business Person of the Year; and a graduate of the 2012 class of Leadership San Ramon Valley.

CERTIFIED LEGAL SPECIALTIES
Certified Specialist in Family Law by the State Bar of California Board of Legal Specialization