It’s important to consider different factors when going through a divorce as a man in California. Since it’s common practice for the court to favor the wife when it pertains to things like child custody and dividing assets, men need to take necessary extra steps to protect themselves as much as possible.
Learning about property and debts in a divorce can feel intimidating and complex. There is a lot to consider, and the potential to miss certain steps, which is why getting a skilled divorce attorney is crucial.
One of the first steps that is essential when it comes to staying organized and on top of your case is gathering as many documents as possible that relate to your financials. Having these documents sorted properly and located in one place makes it significantly easier for an attorney to review them before making decisions. Examples of these types of documents could include bank statements, tax returns, income statements, etc.
Separate vs. Community Property
In the state of California, there is a difference between separate and community property. This means that anything acquired during the marriage is considered community property and is entitled to be split between both you and your spouse.
Lines can become blurred when sums of money from something like an inheritance are then deposited into a joint account between the two of you. While this money would have started out as separate property, inputting it into a joint account would turn it into community property. This is why keeping track of your finances and having as much written information as possible is so important.
Steps You Can Take
It’s important to separate finances as soon as you know that a separation or divorce is likely going to happen. The best way to do this would be to open an individual bank account in your own name that your spouse has limited access to. This is so that you can monitor it closely with minimal interference from your significant other.
Next, you’ll want to review your prenuptial agreement if you have one in place. They make dividing assets significantly easier because typically the guidelines that you and your spouse set are outlined for you already.
Addressing Debt
It’s standard practice to include debt when it comes to splitting assets. Reviewing your debt and trying to pay it off by either selling some of your assets or taking out some form of credit to help lower it can be optimal solutions.
Making sure you stay on top off your payment plans when it comes to debt will prevent both you and possibly your spouses’ credit scores from being negatively impacted. If the two of you come to a mutual agreement or understanding on how you wish to divide up your collective debt, that does not mean that the companies requiring payment need to adhere to that agreement.
Protect Yourself Against Financial Manipulation
As a state, California recognizes financial abuse during the divorce process. This includes doing things like draining accounts, hiding financial information, and restricting access to joint accounts. Make sure that you seek legal advice when proceeding with how to handle any type of financial changes to your accounts as this will further ensure that you are handling everything using the correct and legal protocol.
Working with the Right Team
In addition to legal help, you should also consider hiring a skilled tax advisor, forensic accountant, and possibly a business valuation expert if you own a business. Collectively, you will be provided with the best support possible and ensured that you receive as minimum amount of loss pertaining to your individual assets.
Hiring an attorney that is knowledgeable, empathetic, and trustworthy is what will determine whether your experience is going to be as difficult or as seamless as possible. The Men’s Legal Center based in San Diego offers free case reviews and experienced family attorneys that are ready to help you.