The Importance of Not Selling Off Assets When Getting a Divorce in California
Getting a divorce can be an emotionally-draining experience. It can also be intimidating from a financial perspective.
Whether your goal is to “get back at” your spouse or to simply address financial concerns, you may be tempted to sell off certain assets before your divorce is finalized. This is a mistake that can cost you dearly. An experienced California divorce lawyer will explain in greater detail why you shouldn’t make this error.
Why You Shouldn’t Sell of Assets During a California Divorce
During a divorce in California, it is important to be mindful of the potential consequences of selling off assets. Here are a few reasons why it is important to not sell off assets during a divorce:
- Division of assets: In California, assets acquired during the marriage are typically considered community property and are subject to division during the divorce process. If you sell off assets before the divorce is finalized, it may be more difficult to determine the value of those assets and to divide them fairly.
- Hiding assets: If one party in a divorce tries to sell off assets in an attempt to hide them from the other party, it can be seen as an attempt to defraud the other party and can have serious legal consequences.
- Financial consequences: Selling off assets during a divorce can have financial consequences for both parties. For example, if you sell off a jointly owned home, you may have to pay capital gains taxes and may have less money available for other expenses during the divorce process.
- Impact on children: If you have children, selling off assets during a divorce can impact their financial security. For example, if you sell off a family home, it may be more difficult for the children to maintain a sense of stability and continuity during and after the divorce.
By avoiding the temptation to sell off assets during a divorce in California, you can help ensure that the divorce process is fair and that the division of assets is equitable. If you are concerned about the potential consequences of selling off assets during a divorce, it is important to seek the help of a qualified attorney who can advise you on your options and protect your rights and interests.
Contact a Qualified Pasadena Divorce Attorney
Selling off assets before your divorce has been finalized is just one of several potential mistakes you could make when getting a divorce in California. Luckily, if you hire a qualified attorney to work with you throughout this process, you’ll have an expert on your side who can more thoroughly explain to you what you should and should not do every step of the way. This can help you avoid significant consequences.
At Baghdaserians Law Group, one of our key goals is to help our clients navigate their divorces with minimal stress. Learn more about how we can do this for you by contacting us online or calling us at (626) 460-9525.