California is actually unique in the fact that it is one of nine community property states in the country. Community property refers to any assets or debts that a married couple acquires during their union. Since it was acquired while the spouses were together, it is equally their property. Typically, this property receives equal distribution to each partner. However, not every couple can reach a decision on their own.
In order to fairly divide property during divorce, there are three important questions to consider. We here at Law Office of Tiffany L. Andrews, P.C. can help you navigate the challenging property division process.
1. Is the property community or separate?
As mentioned above, community property refers to the shared assets between spouses. However, if there are assets from outside of the marriage, it is known as separate property. Separate property typically is not included in the division of property during divorce, since it is solely owned by one spouse. While this may seem like a simple process, deciding if the property is community or separate can be long and difficult.
2. What is the value of the property?
After deciding if the property is community or separate, you have to assign a monetary value to each asset. Often it is difficult for the spouses to agree on the value of each item. In this case, financial professionals and advisors are great assistance in the determination process. If you and your spouse can easily communicate, you can split the money yourselves. However, the courts can also step in.
3. How to divide the property?
When dividing physical items and assets, certain items are typically delegated to each spouse. If one person wishes to buy out another person’s portion of an asset, they can also choose to do so. Technically, property division does not have to necessarily occur during separation. A couple can also choose to keep the property under both names after the divorce. Debts usually end up with one spouse or the other; however, they can also receive similar division amongst the couple.
Folsom Divorce Attorney
If you are planning to file for divorce and need help dividing assets, contact us Law Office of Tiffany L. Andrews, P.C. today at (916) 794-4576. We know that your property is important to you and want to make sure you are happy with what you get.