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Los Gatos divorce attorney for hidden assetsIn the state of California, the divorce process is governed through the California Family Code. When it comes to the assets owned by divorcing spouses, Family Code Section 2100 states that both parties must present an accurate and honest statement of their assets and liabilities. This disclosure should be completed during the early stages of a divorce, and all assets owned by the spouses should be included, regardless of whether they are community property or separate property. Unfortunately, many divorcing spouses attempt to leave certain assets out of this disclosure in order to avoid including these assets in the property division process. If you are getting divorced, you should be aware of some of the most common types of hidden assets and the steps you can take if you believe your spouse is withholding assets during the divorce process. 

Common Methods of Hiding Assets 

In some cases, a spouse may make an oversight or error and accidentally fail to disclose property. However, there are many cases in which one party will attempt to conceal certain types of property to avoid having to divide or share these assets with their former partner. A divorcing spouse may hide assets by withdrawing money from marital accounts and depositing it in a secret account or transferring it to a friend or family member with the intent of reclaiming it after the divorce is complete. Spouses may also provide incorrect or fabricated information on income or asset disclosures, or they may purchase valuables, collectibles, real estate property, or other assets without informing the other spouse.

Addressing Hidden Assets

If you suspect that there are certain assets that your spouse has not disclosed during the divorce process, you have a number of options. In some cases, you may be able to resolve these issues by discussing them with your spouse. If your divorce has been amicable and respectful, your spouse may have simply made a mistake when they failed to disclose the asset in question. 

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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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California divorce attorney, California family attorneyDissolving a marriage is a complicated process. With emotions on both sides and an entire life to divide, the finality never can seem to come quickly enough. For some couples, the divorce process can take more than a year and thousands of dollars. However, there are methods available to avoid that worst case scenario. An increasing number of Americans are seeking to divorce through more amicable terms, such as collaborative law and mediation. These alternatives make dividing assets a much more pleasant memory, and there is a higher likelihood of getting what you want.

Property to Discuss

A large number of minute details join to create the life that you and your ex-spouse have together. The process of breaking it apart piece by piece is overwhelming and stressful to most who endure it. It is tough to ascertain where to begin. Many find it useful to have a checklist to complete. Assets you should consider:

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Posted on in Divorce

California divorce laws, California divorce attorneyAfter years of working and saving for a future for yourself and your family, you and your spouse have decided to end your marriage. During the divorce process, most clients immediately understand that the assets need to be divided. Assets include everything from debts to the money in the bank account, to the house and the items in the junk drawer (provided that it is not trash hiding in that collect all drawer). Assets also include that retirement plan on which you have been diligently working.

Who Gets the Retirement?

You earned the retirement, so naturally, you are hoping that you are the one who gets to keep the retirement plan. The reality is, retirement is an employment benefit, just like any income earned. Additionally, any profits obtained during the duration of the marriage up until the date of separation are a part of the community property. As you may know, California is a community property state, meaning that everything valued to be community property is divided equally between the two parties at the time of the dissolution of marriage.

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