What You Should Know About Property Division in a Divorce
The State of California is considered a community property state, as opposed to an equitable distribution state. Any property and assets obtained during a couple’s marriage will be presumed to belong to both spouses equally in California. For this reason, the property typically must be equally distributed between the spouses by a judge in the divorce. However, the right to equally division can be affected by agreements of the parties as well as the conduct of the parties such as a party effecting a transmutation. Further, despite the equal division, parties may have claims for charges and credits as to certain reimbursement claims for expenses made on a community property asset after a separation. If you are going through a divorce, understanding how California divides property, assets, and debts will help ensure your rights and interests are protected. Conveniently located in Riverside, the premier family law attorneys at the Knez Law Group can help.
For two generations, the Knez Law Group has represented clients facing divorce in California. Although child custody can be one of the most emotional components of a divorce, property allocation is perhaps one of the most complex and contentious. Many divorcing couples own real property together and/or businesses that were obtained during the marriage. At the Knez Law Group, the firm focuses on careful examination and aggressive negotiation when it comes to property valuation and division to ensure the assets are fairly and equally divided among the parties. To learn more about how the firm can advocate on your behalf, schedule a complimentary consultation by calling the firm at (951) 742-7681 today.
Property Settlement Agreements in California
In the State of California, a property settlement agreement is a written arrangement set between the separating spouses. The goal of the agreement is to outline which party will be able to retain what property or debt in the divorce. While the primary focus of the property settlement agreement is dividing the assets gained during the marital union, child support, alimony, and child custody can also be addressed in the agreement.
Allocating Debt in a Divorce
Economic debt is common in a majority of American households. Debt can include anything from credit cards, car payments, mortgages, student loans, medical debt, and more. Similar to the marital property amassed during the marriage, debt is also considered community property and is subject to division. Regrettably, allocating debt is not always as straightforward.
In the State of California, the couple’s date of separation is key for determining how the debts will be allocated. Any debts incurred by either party after the date of separation will be considered separate property. However, determining the date of separation can be difficult to determine since proving the legal terms of separation is not always easy to establish.
Based on state law, separation can be determined by the following:
- Physical Separation – This means that the parties have not been living together. It usually happens when one of the parties moves out of the marital home, but in some cases, the court may determine the date of separation beginning when the parties began sleeping apart from one another.
- Intent to Divorce – The intent to end the marital union may sometimes be used to determine the date of separation. The parties will need to demonstrate that the separation was made with the intent to divorce and not in the form of a trial separation.
Contact a Skilled Family Law Attorney
Property division is one of the most challenging and contentious matters handled during divorce cases in California. The state is just one of nine states in the nation that follows the community property standard and understanding how assets and debts are divided can be difficult. Learning more about California’s division property laws can help you know what to expect in your divorce. Discuss your case with a skilled family law attorney who can advocate on your behalf.
With more than 40 years of combined legal experience, the family law attorneys at the Knez Law Group have helped their clients obtain or retain a fair share of their marital assets during divorce. To schedule a complimentary consultation with the firm, consider calling (951) 742-7681 or complete the confidential contact form here.
Matthew J. Knez graduated from the University of Redlands in California with a Bachelor of Arts degree in Creative Writing. He then pursued his law degree at the University of La Verne College of Law in Ontario, California, where he earned various awards, including the CALI Award in Torts, and was on the Dean’s List. During his time in law school, Mr. Knez was a member of the Justice and Immigration Clinic, working with individuals seeking asylum in the United States from countries where they faced persecution or threats of persecution. Additionally, he was an Associate Editor for the Law Review and published an article on California family custody move-away cases. Learn more here.