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The Need for an Eye for Detail
One of the early steps in divorce is preparing your asset inventory (sometimes known as your asset disclosure or financial disclosure), a document that details a complete list of all assets and debts that you own either separately or jointly with your spouse. It is imperative that you take the time necessary to be thorough in preparing this document; while tedious, the benefits of being thorough early on can pay off later.
Truly Fair Asset Division
The primary reason for filling out your asset disclosure completely and accurately is that doing so ensures that the property division step of your divorce is both accurate and fair. Even though California is a community property state and most likely property will be divided evenly, failing to list assets means that property will not be divided in a manner that is truly fair and equal.
Failing to include property on your asset disclosure statement, even if unintentional, can be met with significant negative consequences. Despite this omission being completely unintentional, you could be required to pay the attorney fees for both you and your spouse, or you could also lose out on assets altogether.
Working to Stay Accurate
For these reasons, it’s important to take the time necessary to gather all information you can and to be thorough in your preparation. While you may be required to submit a lot of documentation and information in your asset disclosure, taking your time and even working with your divorce attorney on this important step can prevent you from having to deal with problems later on.
At Schweitzer Law Partners, we know how challenging it can be to go through the various steps in the divorce process, including preparation of the asset disclosure. Our team is committed to helping our clients navigate each step of the divorce process thoroughly and to ensuring that everything submitted is accurate for the benefit of our clients.
Learn more about divorce and property division in California or schedule your consultation by calling us at (626) 788-5225 or by visiting our website.