When a couple divorces, numerous legal and financial issues must be resolved. One such matter is asset division. In certain instances, spouses might possess individual or hidden assets. The Tierney Law Group, Livermore family law attorneys, invites you to read this brief blog discussing how such holdings should be handled.
Definition Of Assets
Assets are considered any financial or personal possession spouses held as a couple or individually. Such ownings include financial institution accounts, investments, vehicles, homes, other types of real estate and business holdings.
In certain instances, one spouse might have established something like an individual checking account before they got married or for a specific purpose and legitimately forgotten about said holding. However, in other cases, a spouse might have established assets that they deliberately kept from their partner.
Spouses who have established individual assets are strongly urged to disclose said holdings during the asset allocation action of a divorce proceeding. Individuals who suspect their spouse is withholding assets might be able to identify said property through a process known as discovery. If one spouse is concluded to have been hiding assets, they stand at significant risk of losing a significant percentage, if not said ownings in their entirety.
Benefits Of An Experienced Attorney
An experienced divorce lawyer can help a client prevent such complications by performing tasks, such as aiding the client in clearly identifying all of their shared or individual assets, filling out all pertinent financial disclosure forms, pinpointing any extenuating or concerning circumstances and offer their client a sound, rational ally that will encourage said individual to act using sense and intellect over emotion.
If you are experiencing a divorce, might hold individual assets and are concerned about the property division process, we encourage you to contact the Tierney Law Group. Our team of experienced Livermore family law attorneys can review the facts surrounding your case, disclose any potentially hidden assets and avoid possible future problems. Further information about our firm and the services we perform can be found by visiting https://www.tierneylawgrp.com/.