As part of a divorce, both parties will be required to fill out and file a Schedule of Assets and Debts. Dividing the assets and debts in a marriage can be fairly complicated. One of the best organizing measures you can take to make it easier is to properly fill out your Schedule of Assets and Debts and then, on paper and in court, it will be clear where the inconsistencies in your financial understanding lies.
All income, debts and assets must be disclosed and often can tell a different story than just a pay stub and a bank statement, although those will be required too. Having these filled out is a great jumping off point for the division of all community property and debts because you may not realize all that you are trying to divide until you start to list them all out. Listing out all your assets and debts is also needed for the judge to determine a spousal support amount.
The Schedule of Assets and Debts is required for all divorces and legal separations. This document facilitates financial transparency, something necessary to an equitable division. Often overlooked valuables can include expensive appliances and household goods or antiques and collectables.
Once you have everything listed, you will need to provide the date you acquired it and the current market value. For date of acquirement, don’t worry if you don’t remember and don’t have documentation of buying a certain valuable. Estimate as best you can or refer to past bank statements if possible.
Also, don’t worry if you do not have all the information requested by the form. You might not have access to all the financial records of your spouse. If you keep separate bank accounts, it can be hard to obtain all the documentation needed but do your best and be sure to note any information or documentation you do not have access to and why.
Obtain the services of a family law attorney experienced in complex property division if you need help completing your Schedule of Assets and Debts or if you are concerned about the other party hiding assets or income. The Schedule will ask for an exhaustive list of all your assets and debts. It will also require you submit it with current statements or documentation. Altogether, this form can be time consuming if you have a lot of assets and debts and even more so if you have to hunt down statements or other documents. The best way to be prepared for this part of the divorce process is to start compiling documentation of all your assets and debts as soon as you decide to divorce.
Are you in the Los Angeles County area and have questions about dividing assets and debts in a divorce? Attorney Mark H. Karney can help you complete your Schedule of Assets and Debts and make the right steps towards a property division that looks out for your best interests. A Certified Family Law Specialist, Mark H. Karney has experience handling complex and high-asset divorces in Los Angeles, Pacific Palisades and Beverley Hills areas. Contact our office at 310-564-5710; email us at intake@cfli.com or contact us through our online form to schedule a free consultation today.