Every couple going through a divorce must decide on the division of the community property - the assets and debts acquired during the marriage. Absent an agreement to the contrary, the community property must be equally divided. Determining whether or not an asset is community can sometimes be challenging depending on how it was acquired.
If you are contemplating divorce, begin making a list of all known assets and debts along with their balances. If you don’t have access to a specific account or supporting documentation regarding the account, just knowing the account exists will be helpful in the process. Try to include specific information such as when and how the asset was acquired. If you have access to the documentation regarding an asset or debt, make copies of the documents and keep them in a safe location. If you are unable to make copies of the documents, there are several apps that allow you to scan on your mobile device. You should make copies, or scan these documents sooner than later as these documents are quick to become inaccessible to one spouse.
Some examples of supporting documents include, but are not limited to, bank/investment statements, deeds, loan documents, escrow statements, credit card statements, mortgage statements, retirement statements, and tax returns.
If you have specific questions regarding property division please contact Kim to schedule a free initial consultation.