Understanding Your Marital Finances Before Filing for Divorce in California
At Zwierzchowski & Nguyen, our family lawyers in Long Beach, divorce attorneys, and Certified Family Mediators in Long Beach know that one of the major factors both spouses become consumed by when they plan to dissolve their marriage is their finances.
Ensuring your financial stability after a divorce is going to be a big part of your quest, but before you can begin planning what your next life will look like, you must know where your finances stand before the process begins.
Unfortunately, there may be a sizeable difference between where you think your finances are, and where they actually stand, especially if you are not the one who handles the day-to-day and long-term accounting in your marriage.
Our Los Angeles and Long Beach divorce lawyers believe all our clients deserve to know exactly where their finances stand. That is why we encourage our clients to outline their assets and debts to ensure they know exactly what their future will look like.
How Should I Begin Outlining My Assets and Debts During a Divorce?
If you are getting divorced in California, whether you or your spouse filed, or if you made the decision together, 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.
First, outline your assets — shared and separate — which may include:
- Art, jewelry, or other valuables
- Bank accounts
- Homes, property, and another real estate
- Investments including retirement funds, stocks, annuities, or life insurance accounts
Debts that have been accumulated during your divorce are also subject to division and should be outlined accordingly, including:
- Home loans and equity loans
- Auto loans
- Credit card balances
- Medical bills
- Student loans
- Personal loans
If you believe your spouse is limiting your access to shared account information or is not being straightforward about their finances, let our skilled Long Beach divorce attorney know, and we will request full financial disclosure from your spouse during the discovery process.
How Can I Determine What is Marital Property and What is Separate Property?
In California, marital property is subject to equal division between spouses in the event of a divorce and includes property the couple acquired together during their marriage and before their separation.
Separate property is described as assets or property each spouse brought to the marriage with them and will also include any inheritances acquired during the marriage and assets that were acquired as gifts to either party.
If you have questions about how your divorce will affect your current and future finances, contact our experienced Long Beach divorce attorneys at Zwierzchowski & Nguyen today by calling (562) 426-6522 to learn more about your legal options, so you can begin planning your future with confidence.