Is Your Spouse Hiding Assets?

Is Your Spouse Hiding Assets?

Divorce
In a divorce case, California law requires that spouses divide all community property equally. This means that absent a valid prenuptial agreement, you are entitled to half of the total property and assets you acquired during your marriage. While this seems like a fairly straightforward requirement, many spouses might try to conceal assets or engage in other deceptive tactics to try to keep more than their fair share in a divorce. There are different ways your spouse might try to hide assets in your divorce, such as: Failing to disclose certain accounts or propertyDevaluing property or understating asset values Understating or delaying incomeMaking large purchasesGiving away assets to others until after the divorceMoving assets to secret accounts Fair divorce outcomes are dependent on open and honest disclosures regarding income, property,…
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Choosing Your Power of Attorney

Choosing Your Power of Attorney

Power of Attorney
The power of attorney document is an important aspect of any comprehensive estate plan. While a will protects your estate after you pass away, a power of attorney protects your interests and finances should you become unable to manage your affairs yourself. Your power of attorney gives significant authority and access to the individual you choose, so you should give careful consideration to your designation. Family Members Many people want a close family member to be in charge of their affairs if they become incapacitated. For example, many spouses have the other one as their power of attorney. This can make sense because your spouse often knows your affairs better than almost anyone else. However, you need to make sure that you change your power of attorney if you get…
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Preparing for a Divorce Case

Preparing for a Divorce Case

Divorce
Most people do not get married while anticipating a divorce case down the road. However, many people might have a feeling that divorce is in their future before a case is filed. If you are in this situation, there are some things you can do to prepare for a possible divorce. Gather Important Documents It is important to have a picture of your financial situation going into a divorce. Further, when your spouse learns about the divorce, they might try to make it difficult for you to access certain records or information. In advance, it is wise to gather the following (among any other relevant documents): Bank statementsInvestment accountsCredit card and loan statementsSocial security cards and birth certificates for the whole familyInventory of personal propertyTitles and deedsRetirement accountsPay statements for…
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