No Assets – No Debt Divorce In Santa Clarita

No Assets – No Debt Divorce In Santa Clarita

Going through the divorce process is a lot of paperwork.  If you take emotion out of the picture, the divorce process comes down to simply dividing up your assets and debts.

Yes, there are other issues when you have children, etc., but the a huge chunk of the divorce process deals with financial issues.

To file for divorce, you complete a Summons and Petition.  That notifies the court and the other party that you intend to divorce.  After that, all the paperwork deals with assets and debts.

The next step after filing for divorce is to prepare your Declaration of Disclosure.  This is where you will list all your assets and debts on the Schedule of Assets and Debts and you will list your income and expenses on the Income and Expense Declaration.  This process is called disclosure and represents the bulk of the divorce forms you will fill out when going through divorce.

So in essence, divorce is about money.  It’s about who is getting what and who is going to pay for what.  Does it take a divorce lawyer to complete this paperwork?  We think not.

Even if you have no assest and no debts, you still have to complete the financial disclosures during the divorce.

But what if you have been separated for a long period of time?  Do you still have to disclose all your financial information?  In short, Yes! I have had clients who have been separated for as long as 10 years and are just getting around to filing for divorce.  For all intesive purposes, they have been living separate lives.  Now, they are being asked to disclose all their assets and debts and income information to someone they have not communicated with for over 10 years.  Odd as it may be that you have to show all your finaces at this point, the fact of the matter is you still have to.

We specialize in providing an affordable divorce service in Los Angeles County.

 

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