Understanding Property During Divorce | Santa Clarita

Understanding Property During Divorce | Santa Clarita

When people are going through divorce and Santa Clarita, they often have many questions about how distribution of property works,  specifically in regards to when they have to complete their their preliminary declaration of disclosures.  This involves the income and expense report and schedule of assets and debts.

So let’s talk little bit about what the courts considers property and what property needs to be indicated on these forms.

Property is anything that can be bought or sold. For instance:  Your house, cars, furniture, or clothing.  Also anything that has value like bank accounts and cash,  pension plans, 401(k) plans, stocks and perhaps a patent that you own or even a business.

So when you get divorced, the court makes decisions about how to divide the property that the spouses bought during the marriage.

Even if you don’t want to deal with these issues or if you divide your property infomally, the court still needs to make formal orders about these issues.  This doesn’t mean that you have to get in front of a judge to make an order.

This means that you have to come to an agreement and then put those agreements down on paper.

Once you have your agreement as far as how you’re going to divide your property you simply need to put that on the judgment paperwork and sign those forms so the  judgment can be submitted indicating how you wish to distribute your property.

It is important that you disclose all your property during your divorce.  When completing the preliminary declaration of disclosures (which is generally mandatory) you will want to list everything that was obtained during the marriage, whether in your name our your spouses name.

We can help you with prepare your disclosures during divorce.  Please give us a call for more information about our divorce services in Santa Clarita.

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