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Division of Property California

California Division of Property Attorneys

The emotional strain of divorce proceedings comes from more than just the dissolution of your marriage. Spousal support, child support, child custody, and property division in California all factor into the stress of a divorce, too. Many people who experience divorce worry about their assets and debts along with concerns for their children. Having a property division attorney working for you may help reduce some of the stresses of the divorce process.

California is one of nine community property states. Unlike other states which equitably distribute property to the spouse who earned it, California divides all property acquired during the marriage evenly. In this community property distribution, both parties are also equally responsible for any debts between them.

In divorce, it is vital to have experienced asset division attorneys on your side. A knowledgeable family law attorney can help you to seek a fair settlement from your divorce. For a free consultation regarding your division of marital property, call 805 Law Group today.

Division of Property and Separate Property

Not all property owned by a spouse is a marital asset subject to asset division in a California divorce. Community property only concerns property that was acquired during the marriage. Generally, it is presumed that all assets acquired during the marriage are community property, subject to division of property during a divorce. Determination of community property also factors in spouse residency, as the spouse must be a California resident. But, as with most things, it is not always that simple. One spouse can still acquire separate property during the marriage under certain circumstances. This is why hiring a divorce attorney with extensive experience in California division of property divorce case is vital. 

Separate property is an asset that remains outside of property division during divorce. The state would consider property separate from the marital property if the spouse owned that property before becoming married. This includes property that the spouse inherited or received as a gift before the marriage and any profit earned from these inheritances or gifts. 

Additionally, wealth or income earned after spouses are legally separated or while living separately qualifies as separate property, and is not subject to division of property during a California divorce.

The following are other assets that are more likely to be automatically handed to one spouse over the other in the event of a divorce:

  • Compensation for personal injury incurred by that partner
  • Before the marriage, the pensioner’s earnings were deposited into a trust.
  • Gifts and inheritances are given to one of the partners
  • Privately owned firms that are operated only by one of the spouses
  • The acquisition of a separate residential or business property

While residential or commercial property can be obtained using a combination of communal money, as long as one of the partners can demonstrate that a range of monies was used in the acquisition or maintenance of the property, it will be treated as marital property. Individual property that has been combined with joint property is most often referred to as “community property.”

Some divorces are intricate situations that require the expertise of a dispute resolution attorney who is also familiar with the laws of property distribution.

Making Sense of the Division of Assets During a Divorce

If you and your spouse do not have children, and if you and your spouse own your home together, neither of you has a legal right to kick the other out of your home after a divorce. You have the right to seek the other individual’s exit, but you cannot enforce it. The court will decide for you throughout the divorce process or with the assistance of your attorney if you and your partner are unable to reach an agreement on an appropriate property distribution plan.

It is possible to file a police report if your partner changes the locks or security system or otherwise prevents you from entering the residence. It is highly possible that the police will direct him or her to let you back into the building. When you and your partner are co-owners of a home, the only time you can ask your partner to leave is if your partner has committed domestic violence, resulting in a court-ordered restraining order against you.

The legal advice of a dedicated San Luis Obispo family law firm with experience in marital property split will be invaluable in determining the exact divorce rules that apply to you and your particular circumstances. You must know your legal rights.

During a California Divorce or Legal Separation, the process of property division is followed.

Below are some of the most important steps in the property division process:

  • Making a thorough inventory of all of the parties’ assets and debts
  • Following the funds used to acquire assets, regardless of when the assets were obtained or how the title was held, is essential.
  • Asset valuation, which includes retirement savings benefits and inheritance.
  • Take into consideration innovative alternatives to achieve an equal split of assets and debts, particularly during severe economic times.

Complex Property Division

Complex property division refers to the allocation of properties that require more consideration than others due to that property’s nature. This division may include the equal distribution of businesses, real estate, investments in stocks, post-divorce tax considerations, pensions, and 401ks. The difficulty in determining the value of these properties introduces more complexities in equal distribution arrangements.

In many cases of divorce where complex asset division is necessary, outside consultation from specialists like appraisers, business valuation experts, tax experts, or forensic accounting professionals is recommended.

 The fluctuation of value in assets like stocks and collectible items adds another layer of difficulty to equal distribution. Consultants may help by projecting future value or providing the current cost of replacement.

Contact a Family Law Attorney Today!

In any case of a contested divorce, it is always best to enlist an experienced division of property divorce attorney to help guide you through the process. The division of property attorneys at 805 Family Law work with you to help you get a fair and equal settlement in your divorce. Even if your spouse doesn’t contest the terms of your divorce, a family law attorney can still benefit you both as you part ways.

For those who seek representation during divorce in California, the attorneys of 805 Law Group will always protect your interest. Schedule a consultation with us to speak with a San Luis Obispo County attorneys.