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Tips to level the playing field when dividing assets

On Behalf of | Apr 25, 2022 | Divorce

In many divorces, there is an imbalance of power or resources. One person might have more money, better knowledge about family finances or easier access to professional help. Under these circumstances, the disadvantaged spouse could struggle to get a fair settlement.

If you are in this position, you can take steps to level the playing field and pursue satisfactory outcomes.

Go on a fact-finding mission

Information is an essential tool in negotiating property division during divorce. You can do yourself a great disservice by taking your ex at their word or letting them control the financial aspects of your split.

To prevent this, gather as much information about your assets and liabilities as possible. Collect:

  • Bank statements
  • Credit card statements
  • Property appraisals
  • Inventory lists
  • Tax returns
  • Property titles
  • Investment accounts

These documents can help you get a better picture of your finances and help you negotiate effectively.

Build yourself a team

Navigating divorce alone can be a lot to tackle. Often, individuals do not have the experience, training, or time to properly address the many elements of property division.

Taking the team approach can make the process much easier. 

  • Financial professionals like forensic accountants can help with property valuation and asset categorization. 
  • Mediators can keep negotiations fair and balanced.
  • Attorneys can manage the logistics of the legal systems and ensure the enforceability of legal agreements.

Know your rights

When you are not sure what you are entitled to or what a fair resolution looks like in a divorce, you may accept less than you deserve or fail to seek things like spousal support. 

Rather than let assumptions or anecdotal evidence from friends or celebrities shape your divorce, familiarize yourself with California laws. You need not become an expert, but having a basic understanding of community property laws can help you protect your rights.

These suggestions can promote equal conditions for dividing your assets and liabilities fairly in a divorce. 

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