California divorce proceedings aren’t one large, singular event but rather they’re composed of different procedures and legal “sessions.” After all, the involved parties and the state have several complicated aspects of the divorce to work out, ranging from child support/custody issues to assessing what the resulting financial outcome will look like.
While divorce is stressful in general, the financial side of the resulting divorce terms can be especially difficult. This is particularly true today, as the cost of living continues to rise sharply across the state. At the White Oak Law, we often get a lot of questions about how exactly the asset division process works in CA. Given the importance of this facet of your CA divorce, we’re focusing today’s post on what you can expect when navigating this process, as well as what disclosing your financial situation to the courts looks like.
How Your Finances Should be Represented to the CA Family Law Courts
Before the CA family law courts can divide assets and determine who gets what, they need a full and complete understanding of everyone’s assets, debts, and other financial details. Thus, the discovery phase is critical as you need to ensure that you’re representing every last detail thoroughly and accurately.
The mechanism by which you do this is known as a financial declaration. Here’s where you’ll disclose all relevant assets which includes but is not limited to:
- Your primary income, salary, bonuses, and any other work-related compensation
- Bank accounts, retirement accounts, savings accounts, and pensions
- Real estate property and investments
- Physical possessions such as vehicles, furniture, jewelry, and any other valuables
- Foreign investments, cryptocurrency, and other forms of investments or non-tangible assets
- Debts, liens, and other liabilities
It is critical that you submit accurate and complete information. Any form of misrepresentation, whether deliberate or by accident, could carry significant consequences for you or for your divorce outcome.
Simplify the Disclosure Process with the Help of a Qualified Divorce Attorney in CA
Divulging all of your financial details to the family law courts isn’t simply to ensure that you have an equitable distribution. This legal process is part of divorce law and is a mandate for any divorce proceedings. Considering the stakes at hand, it is often worth the time and investment it takes to have a qualified legal professional handle this delicate part of your divorce proceedings.
A skilled attorney can help streamline this process for you and remove the guesswork. Not just that, but they can also put pressure on the other involved parties to ensure that they are submitting their financial information in a timely manner and without any deceit or misrepresentation. There are many tools at their disposal, from simple scheduled negotiations/meetings to formal subpoenas that force the ex to disclose information under oath.
Needless to say, having a legal ally during the asset division process, and throughout your CA divorce in general, is paramount. At the White Oak Law, we work tenaciously on behalf of our clients, whether they’re dealing with asset division, custody issues, or any other facet of a CA divorce.
Learn more about how we can help with your CA divorce by calling our offices and scheduling an appointment at your earliest convenience. Reach out to us at 925-271-0999 to connect with our team legal experts today!