A Truly Necessary Step in Divorce
It’s understandable to want to protect as many of your assets as you possibly can during a divorce. One of the key steps to doing exactly this is to make sure that you have all of your assets accurately assessed for value. Why take this important step, though?
Reduce Potential for Hidden Assets
Taking extra precautions and ensuring that all of your assets are accounted for and appraised reduces the potential for hidden assets, both accidental and intentional. Any asset that is undisclosed can cause a serious problem for your divorce.
Failure to list assets on your financial disclosures, which are treated as sworn affidavits under oath, can lead to serious penalties. While the temptation to try and protect something you wish to walk away from the divorce with may be significant, acting on that urge can lead to greater penalties that far outweigh the potential benefit of a hidden asset.
California is a community property state, meaning that all assets acquired during the marriage are up for division in the divorce. On the other hand, separate property, or property acquired before marriage, is not divided; however, a spouse may argue that said property should be considered community property.
By working with an outside expert to place an accurate value assessment on your assets, you have the potential of uncovering additional evidence to show that your assets were owned prior to your marriage, thereby countering any potential argument to the contrary from your spouse. This asset valuation might seem like a big step to take, but if you own a business or various complex assets worth a lot of money, then this step is well worth the time you invest.
Working With an Attorney
Divorce can be incredibly stressful, and worrying about your assets can only add to that stress you may be feeling. Rather than try to handle everything on your own, you should work with an attorney who will help you navigate through the steps ahead of you and help you protect what is yours. At Griffith, Young & Lass, our team knows the complexities surrounding asset division in divorce and is ready to help you defend your rights.