When you get a divorce in California, there are many missteps you may take that could make things more difficult for you. Most mistakes you can make in a divorce situation, according to CNBC, involve your assets. Here is a look at some things you want to avoid doing.
Do not overvalue your assets. You should always use professionals to appraise your assets properly. This will enable you to ensure assets are split evenly and fairly when you go to court.
You should also know all of your assets. Do a little digging if you have to . You need to know everything owned by you and your spouse. If something is not brought into court, the judge cannot include it in the settlement. Do not let assets slip away simply because you did not know they existed.
It is also important that you know your tax liabilities from the settlement. Look into how much an asset will cost you come tax time to see if it is really worth fighting for. Sometimes assets can become a huge liability that you would be better off letting your spouse have.
You also need to protect your assets. Do not dip into your retirement to fund your divorce. Do not set yourself up for future issues by draining your 401k or other retirement accounts. You also need to protect yourself by removing your spouse form any joint account and also removing him or her as a beneficiary as soon as possible. This information is for education and is not legal advice.