The first thing to decide is the character of the property. If it is community, it can be split 50-50. If it is sole and separate, it is yours and does not need to be divided, but it must be disclosed. At the end of the divorce, you will want to divide the community property approximately equally. This includes the house, furniture, cars, boat, bank accounts, savings, stocks, investments, pensions and debts. You also need to be aware that each spouse has an obligation to disclose all property under the Rule of Family Law Procedure 49. Hiding assets will not be treated kindly by the court. Even sole and separate property must be disclosed, so the other spouse has an opportunity to determine if it really is sole and separate.
First, list all your property. It will be very helpful for you to fill this out as you get started. You need to first identify all property, regardless of whether you think it is community or sole and separate. Then, after you identify all your property, you can review the statutes and the Question and...Read More >