Why Property Division Matters in Divorce Cases
A property division lawyer assists clients with issues involving assets and debts during divorce, including identifying community property and explaining how courts approach property division under California family law. Property Division is an aspect of almost every divorce case. Unless you have nothing, there is property that will need to be divided. Having the advice of a knowledgeable and experienced asset division lawyer can be beneficial. If you and your partner are unable to come to an agreement on property division on your own, or if you have an agreement and want it formalized for the court, contact the Law Office of David C. Watts for a free consultation and case analysis.
How a Property Division Lawyer Can Help
Often, with the help of property division attorneys, the parties can resolve their differences and avoid court. If negotiation fails, the Law Office of David C. Watts has the experience to guide you through the process.
Dividing Marital Assets and Debts
What is mine, what is my spouse’s, and what do we own together? How will this property be divided?
To address the last question first. The parties are free to divide their property as they wish. If the parties can agree on who gets what, the court will likely honor the agreement. If you are both competent adults, what you decide to do with your property (within reason) is your business. However, if you cannot agree, the court must divide all community property equally under California’s property division family law principles. This does not mean that each item must be sold, and the proceeds split. What generally happens is that each party gets certain assets and debts, and a total is determined as to each party’s value. An equalizing payment is then ordered, with the party receiving more assets paying half of the difference to the other party to equalize each party’s share.
Understanding Property Division in Divorce
A basic understanding of community property law will go a long way here, particularly in property division family law matters. Simply put (as always in the law, there are exceptions), anything obtained during the marriage (asset or debt) is community property unless it was obtained by gift or inheritance.
Anything that is determined to be community property does not belong to one of the spouses alone, regardless of who “earned it.” It belongs to both and must be divided upon the termination of the marriage. Issues involving community property are commonly addressed by property division attorneys during divorce proceedings.
Anything obtained before marriage or after the date of separation by one spouse is that spouse’s separate property. If the property is determined to be separate, the court will assign that property to that spouse.
The Date of Separation (or DOS) as used here is different from a Legal Separation. Here, the DOS refers to the date one party determined the marriage was over. This sets the termination date for the community estate. For example, if one party said, “I want a divorce,” and moved out of the house on 1/1/2020. That date would be the DOS for purposes of the community estate. Property or debt acquired after that date would be separate property, and yes, there are exceptions to this rule.
Some property will have components of both separate and community property. If that is the case, the separate property portion will be allocated to that spouse, and the community portion will be divided. In some cases, guidance from a property division lawyer or asset division attorney may help clarify how these portions are treated during divorce.
For example, a retirement account may have been started and contributions made to it before marriage. That amount would be the spouse’s separate property. However, contributions that were made during the marriage would likely be made with community earnings. As such, the account contains both a separate property component and a community component. Upon dissolution, the court will assign the separate property portion to the proper party and will divide the community portion equally.
Examples of property commonly dealt with are as follows:
Frequently Asked Questions About Property Division
Property division can involve real estate, bank accounts, retirement funds, investments, business interests, and debts acquired during the marriage. A property division lawyer or asset division attorney can help explain how these assets may be treated under California law.
Many people consider speaking with a property division lawyer when they have questions about dividing assets or debts during a divorce. A lawyer can explain how California property division family law may apply to their situation and help them understand possible next steps.
If spouses cannot reach an agreement, the court may determine how property and debts should be divided. In these cases, a division of assets lawyer may assist by presenting financial information and explaining the applicable legal rules.
While some couples are able to reach agreements on their own, many people consult property division attorneys when financial issues are complex. A lawyer can review assets, explain legal rights, and help address disputes related to the division of assets.
Under California property division family law, property and debts acquired during the marriage are generally considered community property. Courts often divide community property equally unless the spouses reach their own agreement.
A property division lawyer helps clients understand how assets and debts may be addressed during a divorce. They can explain California property division family law, review financial information, and assist if disputes arise regarding the division of property.
