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Are you prepared for property division? Address these issues

It is not uncommon for one spouse to manage a couple's finances during the course of a marriage. Unfortunately, this leaves the other spouse at a disadvantage during the property division of a subsequent divorce proceeding. If you have little knowledge about complicated financial matters, you may find comfort knowing that you don't have to go through this alone. The knowledge and experience of a California divorce lawyer, along with his or her financial team, can protect your interests. After assessing your financial situation, advice and suggestions will be provided.

If your cash flow immediately after the divorce is a concern, you may be advised to sell some liquid accounts, such as mutual funds, bonds and/or stocks. Outstanding joint debts will need consideration, and you may be advised to obtain a credit report to ensure all joint liabilities are addressed prior to finalizing the divorce. No one wants to be surprised by demanding creditors about unsettled bills after a divorce.

Individuals should take care to avoid accepting investments with tax implications that may negatively impact the value. The dollar values of two investments may seem equal, but tax implications may put you at a disadvantage. Consider carefully whether after-tax money funded an investment or whether it will be taxed upon withdrawal, and how your investments will be affected by capital gains. Tax assets are figured into the asset division process, and information concerning this can be obtained from previous tax returns. Your legal representative will oversee the transfer of retirement accounts according to the intricate rules that allow tax-free transfers.

The financial value of a couple's digital assets, such as photos and videos, may not be a significant figure. Nevertheless, they may have an emotional value for both spouses. It may be a good idea to address this in the property division agreement to ensure both parties have access to those items. You may benefit from visiting our California divorce website to read further about protecting your financial interests in a divorce.

Source: marketwatch.com, "Divorce? The 6 worst money mistakes", Leslie Thompson, Sept. 23, 2014

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Minutes From Downtown Sacramento

Our office is conveniently located off Highway 50, just three miles from the Sacramento County Family Courthouse and minutes from Downtown Sacramento. For your convenience, we accept all major credit cards.

Victoria S. Linder Law Office
5303 Folsom Boulevard
Sacramento, CA 95819

Phone: 916-905-4805
Fax: 916-498-0127
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