California is a community property state, meaning all property and debt acquired during a marriage is subject to division upon divorce. As challenging and time-consuming as valuing and dividing community property may be, it can be especially difficult when spouses are unable to reach an agreement on their own.
When divorcing couples cannot come to an agreement, a judge will have to differentiate community property from separate property as well as how to distribute it between the parties. Any assets acquired before marriage qualifies as separate property and is not subject to division, so it is important that you know and are able to communicate the difference.
If you need help with the asset distribution portion of your marriage dissolution, contact an experienced Ventura County property division lawyer at our firm. One of our skilled divorce attorneys could advise you on your legal rights and options and guide you through every step of the local asset division process.
According to California Family Code §760, all assets and debts acquired during a couple’s marriage are presumptively community property. Moreover, CA Fam. Code §2581 presumes that the assets and debts spouses acquire during their marriage belong to both of them equally. As such, they must divide the property equally in a divorce per CA Fam. Code §2550.
Property can be difficult to characterize without the professional help and guidance of a seasoned lawyer in our area who has experience determining which of a couple’s assets are subject to division upon divorce. Examples of community property include but are not limited to:
Our dedicated legal team could help either spouse navigate the property division process during their divorce proceeding to alleviate as much stress as possible.
Under CA Fam. Code §770, property which is considered separate will be awarded to its listed owner. As long as the property remained separate during the marriage, it will be considered separately owned. Separate property can include any of the following assets:
It is important to note that property can be both community and separate, making the distribution process extremely complicated. For instance, a business that one spouse owned before marriage constitutes separate property. However, if the business increases in value during the marriage, the gain in earnings will qualify as community property.
Separate assets can also become commingled in certain circumstances. For example, if one spouse contributes to the growth of their partner’s business, they would be entitled to their share of business interest upon divorce.
It can be challenging to determine which assets are communal and which are separately owned. Determining how to divide jointly owned assets can be made easier with the assistance of a seasoned Ventura County property division lawyer. Call our firm today to get started on the division of your assets.