If you’re going through a divorce in California, it’s imperative to avoid trying to hide any of your assets from your former partner. Here’s more information to avoid accidentally hiding your assets while getting divorced.
A pension
If one party in a marriage has a job working for the federal government, they’re likely the owners of a pension. If one spouse earns income from a pension throughout a marriage, it’s eligible for division among the divorcing couple. Whether intentionally or not, make sure you’re not hiding this asset during the divorce process.
Restricted stock units
Either you or your spouse might currently work in an executive-level role for a business. If that’s the case, the person in this position may own restricted stock units. This type of compensation is usually connected with how long someone works in an executive-level position or a company’s performance. In California, all restricted stock units earned during a marriage will get treated as community property.
Benefits from the military
When discussing property division and asset evaluation in divorce, military benefits are another subject that certain couples wonder about. If you’re the spouse who was never in the military, your marriage will need to last at least 20 years to someone who’s served for the same period in order for you to claim a share of their military benefits. Another condition is that your marriage and your spouse’s military service must at least overlap by 20 years.
Several assets are easy to unintentionally hide during divorce proceedings. If you need assistance during this stressful time, it might be time to contact a divorce attorney for advice about valuing and dividing your property.
