Why It Is Important to Outline Your Finances During a California Divorce
May 29, 2022, In Divorce
At WHITMARSH FAMILY LAW, PC, our experienced Los Angeles divorce attorney understands that when our clients are seeking solutions to dissolve their marriages, finances are a large part of their concerns.
That is because a California divorce is about more than who gets what. The terms of each of our client’s unique divorces will lay the foundation for their futures.
Our Los Angeles County family law attorney also knows there is often an incredible difference between what our clients believe their household’s financial standing looks like, and the reality of their circumstances.
That is why we are here. To help each of our clients understand the importance of outlining their complete assets and debts to ensure they know exactly what their financial future looks like on paper.
How Do I Know What Property is Mine, His/Hers, or Ours in California?
When outlining your assets and debts before or during a California divorce, the list should contain all property, including your independent finances and the shared marital property.
In California, marital property is described as property, assets, and debt acquired by the couple while they were married, which is subject to equitable distribution during a divorce.
Separate property is assets owned before the couple entered the marriage and may include inheritances acquired during the marriage and assets that were acquired as a gift.
When your financial holdings — including all property, assets, and debts are outlined properly — it will place you in a better position to achieve a settlement that protects your best interests now and in the future.
What Assets Should Be Listed in My Financial Outline?
All property, possessions, investments, accounts, and even businesses must be outlined during your divorce.
- Personal and shared bank accounts, retirement accounts, and credit cards.
- Cars, recreational vehicles, trailers, boats, and motorcycles.
- Real estate, which can include the shared home, vacation homes, income properties, and/or land.
- Art, jewelry, and antiques.
- Investments, like annuities, stocks, bonds, life insurance accounts, retirement funds, and intellectual property.
If you do not have access to the details of each of your shared accounts, or are unsure what your spouse may be hiding, our skilled Los Angeles divorce attorney will request full financial disclosure from your spouse during the discovery process.
What Debts Should Be Listed in My Financial Outline?
During a divorce, each party’s debts — both combined and separate — are just as important to note as the assets.
That may include:
- Credit card bills
- Medical bills
- Personal loans
- Auto loans
- Home and/or equity loans
Debts that were accumulated during your marriage are also subject to division, which may include student loans, even when the debt was acquired before the marriage, if they were used to benefit both spouses during their marriage.
Keep in mind, all marriages and their finances are different. Do not compare your divorce to another person, even if it occurred under similar circumstances. Instead, understand your complete legal rights and options by speaking with a skilled Los Angeles divorce attorney today.
Contact WHITMARSH FAMILY LAW, PC Today to Schedule a Free Consultation
If you have questions about divorce and finances, contact our skilled family law attorneys in Los Angeles County at WHITMARSH FAMILY LAW, PC by calling (310) 552-3505 to schedule a free consultation today.
We can help provide solutions that produce results.