Asset and Debt Discovery Lawyer Chino Hills
If you’re going through a divorce, you need to know that one of the most hotly contested issues (aside from child custody) is property division. For that reason, you may feel better working with a Chino Hills asset and debt discovery lawyer who understands California law and how it applies in your case.
Asset and debt discovery is a very important step during the divorce process, because California law requires that community property (property that you and your spouse have acquired together during the course of your marriage) be divided fairly and equitably between both parties.
What is Asset and Debt Discovery?
Asset and debt discovery is the formal process by which all of a couple’s property and debts are itemized.
Why Asset and Debt Discovery Matters During Divorce
The state of California recognizes two types of property: community and separate. The reason asset and debt discovery matters so much during divorce is so that the courts can ensure that everything is fairly divided between the two parties.
Typically, community property refers to everything that you and your spouse acquired together during the course of your marriage. However, there are exceptions, such as property that one of you inherited or that was gifted to one of you specifically.
Nobody can predict how a judge will rule in your case, so it’s best to rely on your attorney’s guidance when you have questions about community property.
Separate property typically refers to property you and your spouse each had prior to your marriage. That goes for debts, too. For the most part, separate property goes with its original owner upon divorce.
However, complications can arise over separate property, particularly when the property came into the marriage as separate but became joint, or community, during the marriage.
Pension and Retirement Division in California
Pension and retirement accounts are subject to division in the state of California. However, every case is different, so it’s best to talk to your attorney if you have concerns about whether you will have to share or whether you will receive a pension or retirement account.
Are Military Pensions Subject to Division During Divorce?
Military pensions are subject to division during divorce, provided that the couple has been married for certain period of time and that the marriage overlapped with the service member’s service.
Because military pensions can become complicated and involve federal laws, it’s important to discuss the nature of your service and your retirement account with your attorney as early as possible in your case.
Settling Property Division: The Easiest Method
The easiest method to divide your property is to come to an agreement on your own with your spouse. In fact, your attorney may suggest that you attempt to work out an agreement on your own, without involving the courts.
If you do come up with your own property division agreement, the judge will still need to sign off on it. Remember, though, if the courts feel that your division is unfair or leaves one party at a significant disadvantage, the judge may step in and modify it.
When couples are unable to agree on property division, the process becomes much more complex. Every asset and debt must be located and itemized so that the court can work toward a fair and equitable division.
What Happens When a Judge Must Decide?
Valuing property isn’t as easy as it sounds. In many cases, parties need to call in experts to evaluate collections, homes, and other types of property. Once all of the property is valued, the judge will make a determination on fair division.
Please remember that coming up with your own property division agreement is the only way you will maintain control over what you get and do not get out of your divorce. If your hand the decision to the judge, you may not be happy with the outcome; by attempting to agree with your spouse, on the other hand, you will at least be able to negotiate to get what you want.
Do You Need a Business Valuation?
If you and your spouse share business, you will need a business valuation. This can be an incredibly complicated process, so make sure you follow your lawyer’s guidance on what to do to value your business.
Work With a Chino Hills Asset and Debt Discovery Lawyer
Because property division can quickly become complicated, most people find that it’s best to work with a Chino Hills asset and debt discovery lawyer who is familiar with the process.