No matter how long a couple has been married, divorce can be an arduous, lengthy process. A couple divorcing in California who have amassed a sizable number of assets — some of which may include property — may not be aware of the ins and outs of the state’s property division laws. If the divorce is fraught with contentious issues, the process can become especially complicated.
When there are a number of assets involved like houses, stocks, pension plans and other investments, dividing up those things may prove to be challenging, even when the divorce is amicable. When it comes to separate and matrimonial property holdings, details can differ in some states. Generally, however, those things considered to be separate property could include property owned by either partner before the marriage occurred; any inheritance funds bequeathed to either partner either before or during the marriage; a gift to one partner from a third party; compensation related to pain and suffering received from a personal injury judgment.
Marital property is defined as all income or assets amassed by either partner during the marriage. This could include such things as stocks, life insurance, mutual funds, funds in bank accounts, real estate, cars, boats, club memberships, commissions, and the like. California is one of nine community property states, meaning the state considers each spouse to be an equal owner of all marital (community) property. In other words, it is an equal split.
A California attorney experienced in family law would be able to guide his or her clients when it comes to divorce issues like property division. A compassionate attorney knows the legalities involved and will work with clients to help develop a comprehensive divorce settlement. Having the assistance of a seasoned attorney may help to keep divorce matters from a lengthy and costly litigation process.
Source: huffingtonpost.com, “Understanding How Assets Get Divided In Divorce“, Jeff Landers, Accessed on Sept. 22, 2017