We Have No Property Together | Santa Clarita Divorce

We Have No Property Together | Santa Clarita Divorce

One of the questions I ask folks when they call to find out about our services is in regards to the amount of property that has to be distributed.   What I am  trying to find out is things like homes, pensions, accounts, vehicles and debts.

Many times what people tell me is that they have nothing!  While there are certainly people out there that literally no property, what I end up having to do is explain what property is.

When it comes to disclosing property during a divorce, it is not just tangible things such as cars and homes.  This also includes checking accounts, savings account, credit cards and furniture.  If you own a toaster, you have property.  Even if you have a dog, you have property.

So the likelihood that you truly have no property is very slim.

You have to fill out the preliminary declaration of disclosure whether you have property or not.  You might as well do it correctly and list all property, regardless of which spouse it belongs to.

This brings me to another point.  Just because the property is not in your possession, does not mean you don’t have any property.  I spoke to a young lady the other day who said she had not property because her husband left with everything.  He took the car, the furniture and everything else not bolted to the ground.

So does she still need to list this property on her disclosures?  Hopefully at this point you are saying, “Yes”.

I guess the best way to look at it is not what you literally have in your possession, rather what the totality of the property is whether in your hands or yours spouses.

It does not even matter if your spouse has had an account in his name and you never had access to it.  You still list it.  Why?  So it can be assigned as his account in the final judgment paperwork.

 

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