California is considered a community property state. This means that all property acquired during the marriage of two individuals is half one partner’s and half the other partner’s. One of the benefits of this law is that it helps make dividing assets including property and debts after a divorce a little bit easier – or so you would think.
Regardless of the fact that California is a community property state, ensuring each spouse gets the assets they deserve during a divorce isn’t necessarily the easiest process. So, it’s only natural to worry how property division will go in your case.
What Types of Assets are Divided During a Divorce?
The assets that are divided among divorcing spouses includes real estate, stocks and bonds, vehicles, jewelry, bank accounts, retirement funds, collectibles, furniture, and debts.
However, before these assets can be divided during a divorce, it must first be determined if each asset was acquired prior to the marriage or during it. If it was acquired before the marriage, it’s considered separate property. However, it the asset was received or purchased at the time of the marriage, it’s considered community or martial property, meaning that the spouses share it jointly.
Apart from determining whether assets are separate or community property, the spouses must agree on a value for martial property and decide how to ultimately divide the shared property. For example, if a house was purchased by a couple while they were married, making it community property, the spouses need to make a decision regarding what to do next: keep the house under both of their names even if one or both spouses is not living in it, sell the property and divide the profit in half, or one of the spouses can buy the other spouse out.
Worried About Property Division? Contact an Attorney Today
Property division during a California divorce might seem straight forward. While it can be in some divorce cases, division can quickly become complex and messy, especially if there are disagreements between the spouses.
If you’re in the midst of dividing property with an ex- or soon-to-be-ex-spouse and are concerned that the division may not work out in your favor, reaching out to a lawyer with an extensive background in property rights is your safest bet. Attorney Torrence L. Howell has that expertise and would be more than happy to give you a free consultation!
Contact Attorney Howell today at (909) 920-0908.