When parties get married, they rarely think of their relationship ending in a divorce.
Unfortunately, some couples eventually do get divorced, which may then require proof of the character and value of their property and debts. California is a community property state, which means that all property and debts acquired during marriage will be divided equally between the spouses (Family Code Section 2250) unless that property was a gift, inheritance, or property acquired before marriage (Family Code Section 770).
Divorce clients often do not have their financial records available for an attorney to analyze. As you may expect, gathering these records in the future may be difficult. Further, in a divorce each party must disclose their assets and debts to the other party during the dissolution (Family Code Section 2100 et. seq.). The purpose of disclosure is to make settlement or trials complete and accurate. This information will make both sides aware of their assets and debts so disagreements can be resolved.
By keeping your financial records, you will make your life easier if your marriage happens to dissolve. Emotions run high during a dissolution, so you do not want to spend your time or energy arguing over issues that records can easily answer.
Keep your financial records in a place where they can be easily located in the event that you need them.
If you want to hear more about what types of records you should retain please contact our office. The Law Office of Bawden and Kochis handles cases with family law issues regarding adoption, annulment, mediation, domestic violence, pensions, child custody, child and spousal support as well as pre-marital and post-marital agreements. Telephone (909)792-0222, or email us at [email protected]