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Never underestimate the value of preparation in property division

There are countless details that need addressing during a divorce. One detail that requires careful consideration is preparing a diligent review of one's financial records before a court makes a ruling on property division and related matters. Though California is a community property state, it is beneficial to take stock of all assets and liabilities at this time.

During a divorce, it is important for both parties to have a thorough knowledge of the current state of their finances. It may be even more important for women to ensure that they have a complete understanding of the finances during the past several years of the marriage in order to ensure that the court will provide a fair ruling on the division of the assets as well as child support and any possible alimony. Both spouses usually prepare a document listing all assets and current expenses as well as all liabilities that each party is responsible for at the time of the divorce filing. While many woman are active participants in overseeing the financial affairs, there may be some who were not as actively involved.

These women may benefit from seeking advice from experienced financial advisors. These professionals can help provide the most accurate assessment of the current financial position and may make recommendations regarding the amounts needed to maintain the current standard of living after the divorce is granted. Spouses who have a complete grasp of even the most mundane details may be better positioned after the dissolution. These financial statements can be updated even after the filing in order to provide the court with the most current information.

Some parties have discovered that their former spouses have hidden assets or made purchases without the knowledge or consent of their spouse. In these situations, the value of a financial statement made under oath cannot be underestimated. It may have taken years to achieve a certain level of financial security, when it comes to property division in the divorce process, the most accurate information may allow each partner to begin the new chapter in the best manner possible. An experienced attorney well versed in California's divorce laws can provide the guidance and information that may be most beneficial throughout the process. 

Source: Forbes, "The Five Key Points Divorcing Women Need to Know About Financial Affidavits", Jeff Landers, Accessed on Aug. 25, 2017

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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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