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Family law: California residents may need a close look at assets

Property division can lead many divorcing Californians to feel concern. Going through this family law process could result in individuals potentially losing assets they once held dear. Therefore, if individuals have property they would like to protect from such divorce proceedings, they may wish to find out what steps may be most useful in helping them achieve their desired outcomes.

Characterizing property may have a considerable effect on what property is divided. Though many individuals likely had property before they got married or that was otherwise obtained in a manner that would leave it as separate property, it is important that individuals have the proper documentation to specify those assets as separate property. If there is no documentation or other proof that holds up this status, the property could be considered community property and up for division.

Another important aspect of property division is valuation. The value of the property involved can play a substantial role in the decisions regarding the division of those assets. Therefore, individuals may wish to ensure that they understand how the value is calculated and take potential tax implications into account. By doing so, parties may be better able to determine what tactics they could utilize in efforts to maintain certain property.

Though property division could become complicated at times, California residents may not have to enter into the process already feeling overwhelmed. With the right information, they may be able to prepare for their cases and feel more confident as they move forward. Consulting with experienced family law attorneys could also help interested parties better prepare for the proceedings ahead.

Source: texaslawyer.com, "How to Manage a High-Stakes Divorce", R. Scott Downing, Dec. 20, 2016

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