Property division during divorce starts with information
Posted in Property Division on February 7, 2018
A divorce can take an emotional and a financial toll on the individuals involved. For many, the process of separating the family assets, known as property division, can be overwhelming. Luckily, there are steps that one can take in California to make the ordeal less stressful and more predictable.
During a divorce, the two parties will split the community property. In California, this property is considered equally owned by both parties to the marriage. An individual may be able to make the process easier by gathering all the relevant financial documents for the questions that will come up. Some assets to think about when separating are financial accounts, investment accounts, bank accounts, real estate, stocks and bonds and vehicles. A person will likely want to collect documents about any family debts as well.
If possible, the individual can choose to make copies and have a digital version on hand as well. A collection of digital copies of financial records can make it easier for a lawyer who is helping the individual through the divorce process. In addition to a financial accounting, an individual could choose to have valuables appraised. It also makes sense to look into any potential tax liabilities from the previous year while preparing for property division.
Going through a divorce in California can be a challenging time, and most will appreciate the chance to make it easier. A clear financial accounting can help an individual during the property division process. The knowledge and support of an experienced and caring family law attorney is also an important asset.
Source: dmagazine.com, “Filing for Divorce?“, Feb. 2, 2018