Property And Asset Division In California
It is not a secret that divorce can be a complex and emotionally charged process, especially if there are properties and assets to be divided. For this reason, you need to consider working with an experienced divorce attorney to guide you through the process and help protect your rights and interests.
At the Law Offices of Tecla M. Lunak, APC, we personalize our clients’ needs to meet their goals and objectives. Serving Palm Desert and Coachella Valley for over 40 years, our bilingual Spanish-speaking attorneys are dedicated to answering every question on how property and assets accumulated in marriage will be divided during divorce.
How Marital Property Is Divided In California
In California, marital property is divided according to community property laws. So, any assets or debts acquired during the marriage are considered community property and subsequently divided equally between the spouses.
Community property includes assets obtained during the marriage like income, real estate and vehicles. The goal is to help ensure a fair and equitable division, considering both parties’ contributions.
What Is Separate Property?
Separate property is assets and debts that belong solely to one spouse, usually acquired before the marriage or after the separation. It can include property designated as separate in a prenuptial agreement, like:
- Inheritances
- Gifts
- Personal injury awards
It is important to distinguish between community and separate property to help ensure a fair division of assets during the divorce process.
How Debts Are Divided In Divorce
As with assets, debts incurred during the marriage are considered community property and divided equally between the spouses. This includes financial obligations like credit card debt, mortgages or car loans.
Debts incurred before the marriage or after separation are considered separate and remain the responsibility of the individual who incurred them.
Who Will Keep The Marital Home?
The decision on who will keep the marital home is influenced by various factors, including the financial situation of each spouse, the best interests of any children involved and whether one spouse wishes to buy out the other’s share.
Sometimes, the home may be sold, and the proceeds divided between the spouses.
Work With Our Divorce Attorneys
Our experienced family law team at the Law Offices of Tecla M. Lunak, APC, is here to help you through every step of the property and asset division process. With over 40 years of experience providing individualized advice and representation, we can help clients in Palm Desert and Coachella Valley.
Call 760-621-6113 today to schedule a consultation or contact us online.
