What Property Do You List During Divorce | Santa Clarita
When it comes to getting divorced, there is a lot of confusion on what property you are supposed to list when you complete your financial disclosures.
Most people are under the impression that they only list what property is theirs or that they are going to keep. This is not the case.
When you are completing the financial disclosures which are the income and expense declaration and schedule of assets and debts, you are supposed to list all property, regardless of which spouse it belong too and regardless of when it was purchased or the debt was accrued. It also does not matter if the asset or debts in one persons name only.
So, in essence, the financial disclosures will be used as a template for the totality of the assets and debts between the spouses which can be later used to determine how you want to divide it.
For instance, when you are completing the schedule of assets and debts you will notice that their is a space after where you list the property to say whether it is separate property and when the property was acquired. This can be used to help determine who should get the property.
So if you want to say that a certain vehicle should go to the Petitioner, you simply place a “P” in the separate property box. If you want to say that something belongs to the Respondent or should be assigned to the Respondent you would place a “R”.
In many cases, you will not know how you want to divide up most of the property. In the uncontested divorce cases I handle, we deal with the division of assets and debts after both spouses have filed and served their preliminary declaration of disclosure. The division can be documents on the judgment forms that deal with the property accumulated before marriage, during marriage and after separation.
For more information about going through divorce or with understanding the divorce forms, please feel free to give us a call. We are a local legal document preparation service that specializes in divorce.