One of the important steps in finalizing a divorce is determining how to divide property between the two spouses. In some cases, the division of property can be simple and straightforward. However, it’s possible for complications to arise. It can be helpful to understand the top five ways to protect your assets during a divorce in California to avoid these situations.
In some cases, individuals may seek an annulment due to fundamental issues that render the marriage legally invalid. Understanding the legal grounds for annulment in California is essential for those seeking to dissolve a legally invalid marriage.
If there are concerns about undisclosed assets, forensic accounting can help identify hidden income and ensure an equitable settlement. If your spouse is found to be hiding income during your divorce, then you need the help of a forensic accountant.
It’s hard enough going through a divorce, but harder still when your ex is being dishonest about their finances. The team here at Bickford Blado & Botros can help you understand the role of forensic accounting in California divorces and whether you need one.
Many California spouses are unaware of their fiduciary legal obligations during the marriage. These duties are the same that apply to business partners. Fiduciary duty in marriage includes the obligation to act in good faith, avoid taking advantage of the other, and other fair and ethical obligations. What this means is that you should treat your spouse and your community assets with respect, and your actions should always be taken with your spouse in mind.
In marriage and separation, spouses must follow this duty. When a spouse breaches their fiduciary duty, they can be held legally accountable.
For those people looking into ending their marriage, divorce is an obvious option that will likely be a person’s first choice. Most people are at least partially familiar with the divorce process and likely know someone who has gone through a divorce. However, there is another way to legally end a marriage in California. Although both a divorce and an annulment sever marital ties, the legal effects of each are very different. There are both pros and cons for each option, so both should be thoroughly considered if they are an option.
Divorce is likely to be one of the most challenging experiences you will ever endure, and it’s important to approach the situation as informed as possible about the obstacles you are likely to encounter. Divorce is more than just terminating your marriage contract; it is also the legal process of assigning individual ownership rights over the property and debt you and your spouse jointly control.
Navigating any divorce can be incredibly difficult, but this is especially true for cases that involve complex financial issues. Do not assume that if you are not wealthy, you will not face significant financial concerns in your divorce proceedings. The following are some of the biggest financial problems that catch divorcing spouses by surprise as their cases unfold.
Full, honest, and complete disclosure is a critical part of divorce in California. Family Code section 2100 explicitly calls for “full and accurate disclosure of all assets and liabilities” because doing so furthers the sound public policy of “the reduction of the adversarial nature of marital dissolution and the attendant costs…”
Divorcees often ask about the legal consequences of concealing assets in a divorce case. Under California law, doing so is an express breach of fiduciary duty and the penalties can be severe. There is no better example of this than the result in the Marriage of Rossi case, where Wife tried to hide over a million dollars in lottery winnings she received before separation.
San Diego Divorce Attorneys Blog