As a divorced California parent, your children’s other parent likely pays you child support every month. But what can you spend that money on?
We know how draining divorce can be, not only from a financial point of view but also in terms of your finances and your emotions. For some people, a marriage falling apart can make it very hard for them to trust others. For example, those who were cheated on by their ex or feel as if they were taken advantage of or treated unfairly during the divorce process may become bitter and have difficulty trusting other people, including other family members and future partners. It is very important to focus on rebuilding trust after a divorce, if necessary.
Whether you are currently going through the divorce process, or you are simply considering filing for divorce, there are a myriad of issues to tackle. Child support is one of the issues that must be looked at when terminating a marriage. It is important that children have ample financial and emotional support from both parents, even after the marriage has ended. California follows an income shares model of child support, which believes that children should receive the same amount of financial support that they would have been entitled to if their parents had stayed together. In the model, the income of both parents is determined and the child support amount due is based on the results of the table.
If an unforeseen accident takes your life, your estate should be left to your family to settle. However, this process may not be as clear for blended families.
Divorce is a notoriously expensive process. Even spouses who attempt to cut costs and remain as frugal as possible may find themselves with hefty bills that contribute to their stress. Many people who decide to divorce must brace themselves for the impact that this legal process will have on their finances.