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At the Land Legal Group, our Los Angeles, California divorce lawyers understand that finances are a large part of your marriage — and the totality of your financial well-being will be an even bigger part of its dissolution.
Unfortunately, there is often a sizeable difference between what divorcing individuals believe their financial standing is and its reality. Our Los Angeles County family law attorneys believe our clients deserve to know exactly where their finances stand and encourage each spouse we represent to outline their assets and debts to ensure they know exactly what their future looks like on paper.
Why Should I Outline Assets & Debts When Preparing for A Los Angeles Divorce?
When you get divorced in Los Angeles, part of the process is dividing the property between the departing spouses. This list should contain all of your property, including shared marital property and your independent finances.
When your finances are outlined properly, it will place you in a better position to achieve a settlement that protects you now and in the future.
What Is The Difference Between Marital Property & Separate Property In Los Angeles?
In California, marital property is described as property, assets, and debt that the couple acquired before during their time together and before their separation, which is subject to equal division between spouses in the event of separation or divorce.
Separate property is described as any assets or property owned before the couple entered into a relationship or marriage. Separate property can include inheritances acquired during the marriage and assets that were acquired as a gift.
What Assets Should Be Listed In My Financial Outline?
Think of your assets like property, possessions, investments, accounts, and even businesses.
Including:
- Art, jewelry, instruments, and antiques
- Cars, recreational vehicles, trailers, boats, and motorcycles
- Investments, including life insurance accounts, retirement funds, annuities, stocks, bonds, and intellectual property
- Personal and shared bank accounts, retirement accounts, and credit cards
- Real estate, which can include the shared home, vacation homes, income properties, and land
If you are unable to access all of the documents that pertain to the assets you are aware of, write down the information for our attorney, and we will request full financial disclosure from your spouse during the discovery process.
If you own a business and are worried about it remaining the separate property, our Los Angeles divorce attorneys can help you understand your rights through any existing documents you and your spouse have designed to ensure that your business is separate property. If these documents do not exist, we will develop a plan to provide the best outcome available for your unique circumstances.
What Debts Should Be Listed In My Financial Outline?
Outlining your debts requires an equal amount of attention as your assets, keeping in mind that the debts that have been accumulated during your divorce are also subject to division.
Including:
- Auto loans
- Credit card bills
- Home loans and equity loans
- Medical bills
- Personal loans
- Student loans
Most debts acquired during the marriage are considered community property, which means you will have to divide them during the divorce.
Other debts, like student loans that were acquired before marriage, may also become marital property if the spouse who obtained the loan used it to benefit both spouses in the marriage.
Everyone Has A Different Financial Portfolio
Whether you are in a high asset marriage, which will become a high asset divorce that requires accountants, financial advisors, and an experienced Los Angeles divorce attorney to outline your financial picture, or are simply interested in splitting debts and assets down the middle, everyone’s financial circumstances differ.
It is important to understand your unique financial outlook, and we can help ensure no detail is left to chance by calling the divorce attorneys at the Land Legal Group in Los Angeles today at 310-552-3500 so you know exactly what your financial future holds.
