Division of Assets and Debts

“Common questions and fears that can occur during the division of marital property”

California is a community property state, meaning that all assets and debts acquired during the marriage are equally owned or owed by both spouses. Property and debts that were acquired prior to the marriage, after the date of separation, or at anytime by inheritance or gift, is separate property, and not considered community property. Husbands and wives can make an agreement for an unequal division of community property and debt if they so desire, but if unable to reach an agreement on these issues, California courts are required to order a net equal division.

We have all heard of people who have allowed themselves to be “taken for everything they had” at the time of their divorce. This reaction to divorce and property division is understandable. Many times people agree to divide their property after months of tension and arguing, often willing to just give everything up in order to end the proceedings. However, this decision is usually deeply regretted afterwards, leaving that person feeling as if they have completley taken advantage of.

Often financial and property issues can present complex issues, and may have separate and community property components. Retirement accounts, pensions, personal injury awards, and ownership interests in real property often require a thorough legal analysis in order to property divide the asset. It is important to seek guidance and legal advice on the financial issues that can affect your rights when dividing the community assets and debts.

Common questions and fears that can occur during the division of marital property include

  • Who owns retirement accounts, royalties, military pensions, CalPERS, and other funs accounts and income?
  • Who owns the marital home or family business?
  • Is my spouse hiding assets?
  • Our home was owned by one of us before the marriage. Who owns it now? Who owns the equity that has appreciated during our marriage?

Want a free initial consultation?

To arrange a free initial consultation with an experienced attorney who is certified in Family Law by the State Bar of California Board of Legal Specialization, call:

(619) 442-2100