Property Division: What You Need To Know
California is a community property state, which means that each spouse is entitled to half of all assets. When going through a divorce, fighting for what is fair can be difficult. Simon Law has helped clients understand the complicated legal system. By providing you with the information you need, you can make educated decisions about your future.
How Are Our Assets Divided?
If you are divorcing, the courts will look at all your property. This includes everything from houses to cars to furniture. They also look at bank accounts, 401(k) plans and life insurance. Anything that was acquired during your marriage is to be divided.
The only thing that each party has sole ownership over is anything they either (1) owned prior to the marriage; or (2) received as an inheritance; or (3) received as a gift; or (4) earned after the date of separation. This is considered separate property and it does not have to be split between partners. Like community property, separate property includes everything from property to boats to inheritance.
While California has strict laws put in place regarding the division of assets, it looks at debt differently. Debt is not necessarily split down the middle. Instead, the court will look at it with fairness in mind. It will then determine who pays what on any money that is still owed.
Regardless of property or debt, having an experienced attorney is of the utmost importance. We will fight for what is rightfully yours and advocate for you every step of the way.
We Can Help – Call Today
No matter where you are in the process, it is in your best interest to talk to a knowledgeable attorney as soon as possible. We will examine your case and discuss all possible options. Together, we will work toward the best solution for you and your situation.