More money could mean more to lose in a divorce

by | Oct 21, 2021 | Divorce

Sometimes, having more money does mean that you could have more to lose in a divorce. However, in California, there are laws requiring an equal division of community property. Any money in your accounts should be divided equally unless you and your spouse determine a different arrangement that you both agree on.

With high-asset divorces, there is often more to lose if you can’t prove that the assets belong to both parties. For that reason, you should make sure to get copies of your financial documents before seeking divorce.

What happens if your spouse moves money to a separate account before you file for divorce?

While the money may be in a separate account, that doesn’t necessarily mean that it isn’t community property. Money that is earned during your marriage is most likely to be considered shared property and be divisible upon divorce. That being said, you do need to know where that money is and to be able to prove that it exists.

For example, if you’ve noticed that your bank account’s deposits are smaller than usual, you may want to have a forensic accountant look into the accounts to see if your spouse has been pulling funds or holding them elsewhere. Just because those funds aren’t deposited into a shared account doesn’t mean that they aren’t shared property.

Hidden assets are a serious problem for many people going through divorce so don’t feel bad if you need to ask for help finding assets that you can’t locate. Anything from stocks to bank accounts could be part of your shared marital property, and you, as an equal partner in your marriage, may have a right to 50% of that property.

Community property laws are there to protect your rights

The community property laws in California are there to make sure you get your fair share during divorce. If you think that your spouse is hiding property or is trying to avoid giving you an equal share of your marital assets, then it may be a good idea to speak with someone who can give you more information on your legal rights.