Guiding those in San Luis Obispo County with Property Division Matters
There are a lot of misconceptions when it comes to property division in a divorce. People are confused about what is community property or separate property. Our clients often think that they are at risk of losing everything in the divorce process. Business owners worry that the enterprise they have dedicated their lives to will be torn apart. Homeowners worry that their homes will be taken away.
Fortunately, these concerns are not entirely realistic. At the 805 Law Group, we have the experience and skill to protect your home, your business, your retirement benefits, and other assets. Your Atascadero division of assets lawyer can provide advice and advocacy to protect what is yours and achieve a fair division of property.
How Are Assets and Property Divided in California During Divorce?
When spouses separate in California, they will either need to reach an agreement on their own and have a judge sign off and issue a final order, or they will need to go to court to have a judge divide assets on their behalf. The former approach is generally easier, but if you and your spouse simply cannot agree even with attempts at negotiation, court may be your only option.
In any divorce it will be necessary to:
- List out all assets, property, and debt;
- Determine which property is separate and which is community (joint);
- Divide community property in a fair and equitable manner.
Understanding the Difference Between Community and Separate Property
- Community property: An example of this scenario would be if you had bought a car sometime during the marriage, using money that was sitting in a bank account shared with your spouse. That car would belong to the both of you, and thus, would be considered community property.
- Separate property: Any assets or properties that you owned prior to getting married are solely your own. If you earned money on an asset that you individually owned, even if it continues to make money, is still your own. Any inheritances or gifts that belong solely to you would also be your own.