The Divorce Disappearing Assets Trick
Unfortunately, divorce sometimes brings out the worst in people. We’ve all heard stories about a spouse ‘draining’ joint checking and savings accounts just before filing for divorce. Fortunately, the California family laws regarding property division protect spouses from these types of abuses.
In California family law, money is considered property. California is a community property state so, in general, money accumulated during the marriage is considered community property. Community property is, in most cases, divided equally between the spouses. So if one spouse withdrawals more than their share for malicious reasons, a judge can order that the other spouse’s portion be distributed to him or her as part of the final settlement. The wronged spouse could be ‘reimbursed’ by cash, other assets, or a reduced portion of their shared debt.
The same rules discussed above apply to all community property. So protect yourself by photo or video cataloguing your assets as early in the divorce process as possible. If you have any questions about how to protect your assets during a divorce, please contact our Albrecht & Albrecht office located in Temecula for a free consultation with one of our family law attorneys.