Asset and Debt Discovery in Divorce

  • Divorce is a very difficult time for those involved. Dividing a life into equal and fair parts is not an easy thing to do. Nevertheless, there is no getting around it. You must figure out how to separate your assets and debts in a way that is fair to both parties.

    A very important step in getting your divorce finalized is the process of asset and debt discovery. This is where you must carefully and thoroughly list every asset and debt you have.

    It’s tedious, but it’s the only way to clearly show the full amount of marital assets and debt so all can go into the pot and be split fairly.  

     

    Community Property

    California courts view an asset as anything of financial value. This can include the following:

    • Homes, boats, and vehicles
    • Pensions, retirement accounts, and stocks
    • Furniture, antiques, and other physical property
    • Bank account funds
    • Businesses

    Debts could be any of the following:

    • Credit cards
    • Loans
    • Car and house payments
    • Business loans

    All of this information must be declared so a fair split can be made. Fair doesn’t necessarily mean that each item’s value is split down the middle, but the court’s main goal is equitability when both parties leave the marriage.

    Note: Exceptions to community property laws include gifts and bequests designated to one party only.

     

    A Rancho Cucamonga Divorce Lawyer Can Help

    Even if you and your spouse are able to agree on asset and debt division, it’s often best to have a lawyer look things over. Many couples don’t really know how to fairly divide property, and they often miscalculate or intentionally mislead each other.

    Contact the Law Office of Laurence J. Brock to get a lawyer’s help with your divorce case. Give us a call at 909-466-7661 or fill out the online contact form on our website.