How to navigate the rough waters of property division

By |2022-04-04T16:58:10+00:0002 May 2014|Categories: Child Support, Custody, Family Law, Property Division|

How to navigate the rough waters of property division

Divorce is challenging for everyone in a family anywhere, including in California. After child custody and child support, finances are often the most contentious issue because the outcome will affect both spouses’ financial footing. This is why many divorcing spouses battle long and hard to obtain what they think is their fair share of the spoils of marriage.

For a divorcing spouse to understand all of the properties, assets and debts to be dealt with, he or she should learn how to organize all financial documents, including tax filings, credit card statements, investment reports and bank and savings account statements, and keep them somewhere safe. These financial documents will be handy during property settlement because the process requires both parties to exchange financial documentation with full transparency.

Once a spouse has organized all necessary documents, the balance on both joint and separate bank accounts should be double-checked. Doing so will give a spouse a better understanding of his or her financial footing, which is the basis of sound decision making. A spouse can then create a budget to cover attorney’s fees, court costs and other unexpected costs.

For spouses who currently face divorce, create a separate account because the income earned following marital dissolution is considered separate and will not be subject to division. By creating a separate bank account, a spouse will also avoid creating confusion during asset division.

Honesty is the real key to reaching a fair and just settlement during property division. Divorcing spouses should be transparent as they discuss every family law issue and thus create fairness and equality. Hiding assets can backfire if the other spouse becomes aware of the deception. Full cooperation also has the advantage of speeding up the process, allowing both parties to finalize their divorce and move on with their lives.

Source: Huffington Post, “Divorce Confidential: The Importance of Being Financially Savvy During Divorce,” Caroline Choi, April 18, 2014

About the Author:

Dorie Anne Rogers - The Law Offices of Dorie A. Rogers, APC
Dorie A. Rogers, a Family Law Specialist, Certified by the State Bar of California, has been an attorney since 1981 with an exclusive family law practice located in Orange County. She is accepting dissolution cases with support and property issues including the use of forensics to ascertain business value, community interests and to establish monthly case flow analysis. Ms. Rogers has substantial experience in high conflict custody litigation involving sophisticated psychological issues. She drafts premarital and postmarital agreement designed to define and establish parties' separate and community property interests. Paternity cases and domestic violence matters are considered part of her practice. Ms. Rogers is a court-approved and court-appointed to represent minor children.Ms. Rogers consults with individuals concerned about entering or exiting a relationship. She advises effective strategies for dissolution or premarital planning. Knowledge is power and good planning affords better results.Specialties: Family Law Specialist, Certified by the State Bar of California
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