The property and debts part of a divorce or legal separation is often so complicated and the cost of making a mistake is so high that you should talk to a lawyer before you file your papers, especially if you have anything of value (or if you have significant debt).
Property is anything that can be bought or sold, like:
- A house,
- Furniture, or
Property is also anything that has value, like:
- Bank accounts and cash,
- Security deposits on apartments,
- Pension plans,
- 401(k) plans,
- Life insurance that has cash value,
- A business, or
- A patent.
When you get divorced or legally separated, the court makes decisions about how to divide the property that the spouses or domestic partners bought during the marriage. Many considerations affect the property division process, including: property agreement signed before or during marriage, community versus separate property, and various other property statues. Understanding your situation and your options is key to achieving a desirable result. To discuss your situation with Law Office Jame Chau, call us today for your 20 minute free consultation. We are here to guide you through the complexities of this process to help you best understand your options and make informed choices.