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Numerous financial matters require attention in a divorce

Some California residents leave the money worries to their partners during their marriages. This may work during the marriage, but if a couple faces divorce, then the party who has not been involved in the finances will have some catching up to do. Financial matters take up a significant portion of divorce proceedings, and knowing what to look for and what issues require attention may provide a place to start.

California residents about to enter the divorce process will need to take the time to gain an understanding of the current financial situation. An assessment of what the marital estate constitutes is often the first step. An inventory of the community assets often includes identifying any property that could belong to one party alone. Separate property will be removed from the equation once it is verified as separate.

Do not forget about the debts accumulated during the marriage. Both parties remain responsible for joint debts regardless of whether an asset attached to the debt goes to one party or the other. Division of those debts ought to be made as well. More than that, the party not taking a certain debt ought to make a clean break from it. Lenders are not parties to a divorce settlement and are not obligated to honor it.

Just these two issues could consume a great deal of time for many California couples going through a divorce, especially if they attempt to deal with them alone. These and other money issues could cause a great deal of frustration, stress and contention during the process without some help. Fortunately, no one has to go through this or any other legal process alone. Enlisting the aid of an experienced attorney could make prove invaluable.

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