There are a variety of factors to address upon making the decision to dissolve a marriage. For those who wish to protect their financial futures following a divorce, a significant portion of their focus may rest in the division of marital assets. Although in California, assets are divided equally during divorce, a person may still find it beneficial to gain an understanding of each asset that will be involved in the process.
When it comes to marital assets, a person's first thought may turn to items such as a home or motor vehicle. However, marital assets can include a variety of items, such as bank accounts and retirement plans. Stocks and stock options may also be included in the marital estate, as can life insurance policies and even frequent flier miles accumulate through rewards programs.
Other assets that might not be at the front of a person's mind during this time can include antiques and collectible items, such as furniture or works of art. Debts and other marital financial obligations will also play a part in the division of property. Identifying all assets within a marriage is a stepping stone to preparing for what comes next, but it might not always be an easy task.
Prior to entering negotiations, a person who is facing divorce could benefit from seeking guidance on how to properly identify and value all marital assets. By consulting with a family law attorney, a person in California could obtain much-needed assistance in navigating the process. An attorney can help a client better understand what to expect from the process and assist in pursuing the most favorable outcome possible concerning his or her financial future.