May 24, 2020

Upland Asset and Debt Discovery Lawyer

During a divorce in the state of California, couples must separate their property fairly and equitably. When a couple can’t agree, it often becomes necessary to work with an Upland asset and debt discovery lawyer who can help simplify the process and ensure that every piece of property, every asset, and every debt is properly accounted for.

Should You Negotiate With Your Spouse?

It’s usually best if a couple works together to figure out property division during divorce. This will be your only chance to have some amount of control over what you receive and what your spouse receives from the divorce.

Even if you and your ex do not get along, it is in your best interest to attempt to negotiate a fair property settlement.

What if You and Your Spouse Disagree on Property Division?

If you and your spouse cannot agree on property division, you will force the decision into a judge’s hands. You’ll have to go through the asset and debt discovery process, which can be time consuming, tedious and expensive.

All of your assets will need to be valued, and in some cases, that will require you to hire outside professionals.

Remember, you do not need to take property division to court. Your attorney will probably encourage you to attempt to negotiate with your ex so you can save time and money. Your attorney may even suggest that you work with a mediator who can help you get through the process so you can walk away with the things to which you are entitled from your divorce.

About the Asset and Debt Discovery Process

During the asset and debt discovery process, your attorney will find and account for all of the assets and debts you have accumulated during your marriage. Typically, your lawyer will also be interested in separate property. The process can be very complicated, and it requires full disclosure on your part and on your spouse’s part so that everything you own, including a home, vehicles, furniture and clothing can be equitably divided.

Property refers to anything that can be bought or sold. However, equitable distribution is not just about assets; it’s about debts, as well.

Even businesses are subject to property division. Business valuation can make things even more complicated, so it’s always best to rely on your attorney’s advice when it comes to the asset and debt discovery process.

What is Community Property?

The term community property refers to everything you and your spouse acquired during the course of your marriage. However, there are some exceptions to the community property rule, such as inheritances and gifts intended for only one party.

What is Separate Property?

The term separate property refers to everything you already had when you got married. This can include assets and debts, but remember, as with everything in divorce, there are some exceptions.

Dividing Pensions and Retirement Accounts in California

Pensions and retirement accounts are subject to division in the state of California. Every case is different, so it’s important that you discuss all of your concerns with your attorney as soon as possible.

Upland Asset and Debt Discovery Attorney.jpgWhat Else is Considered Property?

Anything that has value can be considered property, including:

  • Bank accounts
  • Cash
  • Security deposits on apartments
  • Stocks and bonds
  • Life Insurance that has cash value
  • Businesses
  • Patents

Does Property Division Have Anything to Do With Spousal Support?

Property division and spousal support are two separate issues. However, the judge may take into account the types of property and amounts of property that were divided between the couple when deciding whether to award alimony.

What About Child Support?

Child support has nothing to do with property division. Child support is something that your children are entitled to receive because it is your responsibility as a parent to provide financial support for your children.

Talk to an Upland Asset and Debt Discovery Lawyer Today

If you are going through a divorce, you may find it necessary to talk to an Upland asset and debt discovery lawyer. Working with an attorney can help simplify the process and ensure that you reach a fair, equitable settlement with your ex-spouse.

Call us at 909-466-7661 or contact us online. We’ll be happy to evaluate your case and give you guidance.

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