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Los Gatos divorce lawyer for hidden assetsThe divorce process can be very complicated, and it requires spouses to navigate a variety of legal and financial issues as they work to dissolve their marriage. While you are dealing with the stress of separating your life from your spouse, the emotional trauma that comes with the end of a long-term relationship, and the fallout from contentious disputes over child custody and other issues, it can be easy to neglect what seem like the smaller details of a divorce. However, it is also important to protect your rights, and if you are worried that your ex is attempting to hide assets and unfairly influence the financial decisions in your divorce, you will want to understand your legal options.

Addressing Concerns About Hidden Assets

California is a community property state, which means that divorcing couples are required to divide marital property equally. However, some spouses may try to hide assets to avoid having to divide certain pieces of property. A spouse may do this in an attempt to punish their spouse because they blame them for the end of the marriage, or they may believe that they are entitled to a greater share of assets based on the income they earn or their contributions to the relationship.

Regardless of the reasons for hiding assets, doing so is illegal, and a spouse could face penalties if these activities are discovered during the divorce process. A spouse may be required to pay fines or cover the other spouse’s attorney’s fees in legal proceedings related to concealed assets. In some cases, a spouse may even forfeit the rights to a concealed asset, resulting in the other spouse receiving a greater share of the marital estate.

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Los Gatos, CA divorce attorney for disclosure of assets and liabilitiesThe divorce process can be complicated, especially as it pertains to the division of marital property. In a California divorce, couples are required to fully disclose their assets and liabilities. The state’s policies are based on preventing community property from dissipation prior to the divorce and ensuring that the shared estate is equitably divided between the two parties. Unfortunately, a spouse may look to hide or devalue assets during a divorce. If you are pursuing a divorce, you should speak to a qualified attorney regarding the disclosure of assets and liabilities.

Chapter 9 of the California Family Code defines the disclosure of assets and liabilities. 

Examining Disclosure of Assets and Liabilities 

In the state of California, community property is defined as assets or income earned or purchased during a marriage while the spouses are living together. It is important to note that anything acquired prior to the marriage, after the couple has separated, or given to one spouse specifically as a gift, is known as separate property. California state law only requires that community property be divided during divorce. 

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