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What's more important than emotions in considering divorce?

From the moment an individual realizes that a divorce may be inevitable, he or she may want to start preparing for the eventuality. We all know that the time leading up to a divorce can be an emotional road, but it is helpful to maintain a financial frame of mind. Those considering divorce may gain by seeking guidance and support regarding the legalities and required procedures. The may be the ideal time to gather relevant information and prepare the necessary financial paperwork.

California is a community property state, and all marital assets are considered the property of both spouses, even if held in the name of one party. However, some assets -- deemed premarital property -- may have been obtained prior to the marriage, or an inheritance may have been received during the marriage. To protect separate assets and prepare for property division, an understanding of marital property and separate property will be necessary. A list of separate property, including substantiating documents can be prepared in advance.

Other important tasks that can be accomplished include opening a personal bank account and applying for a personal credit card. However, spouses may want to settle jointly owned credit cards, as both spouses may be held responsible for payment of balances remaining after the divorce. It may also be wise to build up a fund to finance the divorce proceedings and living expenses during this time.

When considering divorce in California, it may be wise to spend some time selecting a team of professionals to provide support and guidance. In addition to an experienced divorce attorney, a financial professional may also prove to be beneficial. An attorney will assess the unique circumstances of the client and help in planning the best manner in which to move forward. 

Source: Jeff Landers, "A Fair and Equitable Divorce -- Even During Valentine's Day", Jeff Landers, Feb. 10, 2015

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Minutes From Downtown Sacramento

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

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