Today I want to talk to you about problems and issues that we’re seeing and questions of people have when it comes to completing the schedule of assets and debts.

The schedule of assets and debts is one of the forms that you’ll be using when completing your preliminary declaration of disclosures. This is a form that will be served along with the income and expense declaration.

The schedule of assets and debts is a list of all property that you have. Its property you had prior to marriage, property you had during marriage and property you have after separation. If you’ve had a long term period of separation, there’s going to be some property that you’ve purchased through her bank account, something like that after separation.

The common issue that we’re seeing is that folks think that when they’re completing their schedule of assets and debts that they’re only to list the property that’s either belongs to them, owned by them or in their name alone, and that’s incorrect.

The property list on the schedule of assets and debts isn’t going to be all property; property before marriage, during marriage and after separation as well as property that belongs to your spouse, property that your spouse had prior to marriage that you’re aware of, property that’s in his name alone.

Even the house, if it’s in your husband’s name alone, let’s say, and it was before marriage, it’s going to be a separate property you still listed.

Not only community property but separate property on the schedule of assets and debts. By listing the property, you’re suggesting that it’s your property.

You’re just list in the property that you’re aware of that was accumulated before the marriage, during the marriage or after separation and all that’s used for down the road is to be a template, if you will, for how that property is going to be distributed.

On the schedule of assets and debts, when you lose property, one thing you can do is indicate if the property is going to be yours or it’s going to be your spouse’s.

If you’re the petitioner, you can simply place a ‘P’ in front of it. If it’s going to go to the respondent, you can simply place an ‘R’.

There’s an area where there’s a date where that property was purchased. And if it’s prior to marriage, just put ‘prior to marriage’ or ‘after marriage’ or ‘during separation’ and I’ll help you determine if it’s going to be a community asset or a separate property set.

I just want to clear that up. I can see that on a daily basis where there’s confusion out of what property is to get listed on there.

Again, my name is Tim Blankenship with divorce661.com. If you have any questions, feel free to give me a call at 661-281-0266. We’re a low cost, affordable document preparation firm that specialized in divorce in Los Angeles County.

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