Divorce is not usually easy, especially when the couple has been married for a long time and has accumulated significant assets. One of their main worries is how their assets will be distributed between the two parties in a divorce.
According to the state’s divorce laws, California is a community property state, not an equitable distribution state. Accordingly, any assets or property acquired during a marriage belong equally to both spouses and must be distributed equally between the two spouses in case of a divorce by the court.
If you are debating whether to file for divorce, it is essential to seek legal counsel from a divorce attorney at the Law Office of Stephen Gassner. We’ll defend your rights and help you navigate the legal system.
Getting a divorce can be difficult, especially if there are kids involved. When a couple divorces, one partner frequently believes they are entitled to more than the other. Arguments over how much should be given to each party results from this. Below is an examination of how property is divided in a divorce.
1. Marital Assets
California is one of the few states that closely adheres to the community property system. State law mandates that all marital assets be split equally between the divorcing spouses. As a result, many people need to know the full scope of the assets deemed marital property. While it might seem obvious, personal property can include cars, retirement accounts, stocks and bonds, bank accounts, and even family pets. Personal property can also include the family house, furniture, appliances, and personal effects. Even if only one spouse purchases the property or earns the wages, it counts as marital property. In the end, everything obtained throughout the marriage is considered marital property.
A couple can go through divorce mediation to settle their property in a way that pleases both spouses. Even though a court will ultimately decide how to divide your marital property, they frequently endorse agreements that the two of you have crafted.
2. Non-Marital Property Assets
Only non-marital property in a marriage is exempt from the requirement to go through the property division process. For example, gifts and inheritances may not be marital property, and the individual spouse who owns them will retain ownership of them once the marriage has ended. However, based on its use, that item might have turned into marital property and now needs to be split between the two spouses. It might be challenging to predict how the property split will occur because there is a narrow line between marital and non-marital assets.
3. Separate Assets
Jewelry, furniture, clothing, and household goods are examples of personal property acquired during the marriage and considered separate property. In a California divorce, separate property is omitted from the division of the assets. An asset may or may not be a married person’s separate property, depending on how it was initially acquired.
4. Community Assets Versus Separate Property
Any asset only owned by one spouse is referred to as separate property. On the other hand, any property that both couples own equally is communal property (typically acquired during the marriage).
Complications are likely to occur. If you and your spouse make changes to the property while you are married, if you have a mortgage on a separate property and pay the mortgage with community property, or if you combine separate property and community property, for instance, in a bank account or stock portfolio.
Finding an Assets Division Lawyer
It can be emotionally demanding even if you have determined that divorce is the right course of action for you. In addition, feeling overwhelmed with emotion can make you more likely to make mistakes that could lead to a significant disparity between the marital assets you are entitled to and the assets you obtain.
A lawyer from the Law Office of Stephen Gassner can help ensure that your assets are fairly distributed after being accurately valued and categorized. Feeling overwhelmed and bewildered when going through a divorce is completely normal, but a skilled lawyer can make you feel more at ease and ensure the best outcome for you. Contact us today to schedule a consultation.
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Law Office of Stephen Gassner
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