If the writing is on the wall and a California divorce is on the horizon, you may wonder how to prepare for the bumpy road ahead. The team at Trabolsi Levy Gabbard LLP has experience assisting clients with equitable distribution of property in high asset divorces.
According to Worthy Living, you can take some steps that help you protect your assets while smoothing the financial separation process. During a divorce, the court separates the marital property from separate property. Before filing the paperwork, make a list of property you owned before the marriage, any inheritance or gifts from third parties and payments from a personal injury lawsuit. This gives you a better idea of what you can keep after the divorce.
The court prefers that you and your ex walk away with marital property equally divided. However, there are several factors the court considers when dividing assets such as the standard of living, duration, earning potential and physical health of each partner. If you have children, meeting their financial needs is a primary consideration.
- Typical assets impacted by divorce include the following:
- Checking, savings and retirement accounts
- Home, vacation and rental properties
- Vehicles, electronics, furniture and other tangible belongings
- Brokerage accounts, mutual funds and other stocks
- Family practices and businesses
Preparing for divorce is different from hoarding assets, which is financial fraud. If you suspect your spouse is hiding assets, a finance expert can investigate and identify these items, ensuring you receive a fair and equal share in the settlement. This is particularly important for high-income couples and in situations where one spouse makes the vast majority of the household income. Visit our webpage for more information on this topic.