What You Should Know About Property Division When Getting a Divorce
The State of California is one of nine states that operate under community property laws in cases of divorce. On the contrary, most states operate under equitable distribution laws, which means that any property acquired during the marriage will belong to the party who earned the property. Unless there are unusual circumstances, marital property divided in a divorce will be allocated equitably.
Based on community property laws, however, marital property is divided straight down the middle, without regard to mitigating circumstances. Even if only one spouse was employed for the duration of the marriage, both parties own the property equally. It is important to note that equal ownership will extend to debts held in the union as well, which makes both parties equally liable for any outstanding debts, even if one party was unaware of these debts.
Similar to divorce cases involving child custody cases, property division is perhaps the largest source of contention between a divorcing couple given that the family residence is typically the largest community asset. Additionally, one or both spouses may own a business or have other investments, and community property principals would apply. Further, one or both spouses may have a pension, IRA, 401k or other retirement benefits which would also be subject to division. Both spouses can be concerned with how their assets will be allocated and whether they will be able to retain the amount of property and assets they feel entitled to. Property division can be emotionally draining, particularly when one party has vowed to leave the other party in poverty out of spite.
Marital vs. Separate Property
Under community property, the presumption is that the collective property acquired during the marital union is community property. There are exceptions to this. For instance, according to California Family Code sections 760-761, property owned before or after the marriage is separate.
Other property that can be considered separate include: Property that has been inherited or is received as a gift before or after the marital union; Profits made from property that was owned by one party prior to the marriage; Profits made from a property that was inherited or received as a gift prior to the marriage; Income that was earned while the parties were living apart and Any wealth or earnings made after the legal separation has been made.
Property Division Can Be Complex, Contact the Support of an Experienced Family Law Attorney
While some property division cases can be relatively simple, other cases can require much more attention. This can sometimes occur when the parties own stocks, there are retirement accounts and pensions involved, or when there are large amounts of real estate properties. Divorce cases that have complicated property divisions should be handled carefully, as property and assets should be thoroughly evaluated.
When obtaining a divorce, it is important to retain an experienced family law attorney who will navigate the property division and advocate on your behalf. An experienced attorney will also help you throughout the evaluation of assets. Contact a well-versed family law attorney who will protect your interests and advocate on your behalf.
The family law attorneys at the Knez Law Group are exceptional in divorce cases dealing with complex property division issues. The attorneys at Knez Law Group work closely with divorcing parties and the firm is determined to work diligently to help you obtain an equitable property division that allows you to look to the future with great optimism. The attorneys at the Knez Law Group are committed to their clients and can handle property divorce cases, despite their level of complexity. To obtain a free complimentary consultation, contact the Knez Law Group today.
For over forty-three years, Fred Knez has been representing individuals and corporations in serious personal injury and business litigation, both as a plaintiff and defendant. Following his service in the Army during the Vietnam War as a medic and medical laboratory technician, Fred attended the University of Colorado. He then worked as an insurance adjuster for Allstate Insurance and as a private investigator before graduating from law school. Fred was admitted to practice law in California in 1980, the U.S. District Court in 1981, the Ninth Circuit U.S. Court of Appeals in 1983, and the U.S. Supreme Court in 1984. Learn more here.