Divorce often comes as a huge blow for families. The husband, wife, as well as the children, may suffer deeply from it and have to endure its difficult aftermath. No matter how much you try, you cannot get rid of what’s to come after a divorce. Besides the unstable emotional state, even your finances suffer. All in all, this tragic event, often simply disrupts your life completely.
Some of the matters that you must deal with during a divorce include child custody, child and spousal support, and asset division. The laws governing the asset division vary state by state. If you are getting a divorce in San Diego, you need to understand the difference between community and separate property, as California is a community property state.
Community Property VS. State Property
Asset division can be a rather complex matter in a divorce, along with child custody. Houses, rental property, pension plans, investments, and even the debts need proper legal analysis and division during a divorce. Who gets what after the separation is a question that gives rise to numerous conflicts among the to-be-divorced couple. Things get complex in the case of a contentious divorce. Before anything else, you must understand the difference between community property and separate property, because laws are different for each of these types of properties for division.
Separate property is that which falls under any property that a spouse owned or acquired before the marriage or after the date of separation. Anything that a couple acquires during a marriage comes under community property. The community property assets belong to both spouses. If a spouse receives an inheritance during marriage, this is community property but may not be divided one half each unless commingled or transmuted. Absent an express written waiver, either party may ask for reimbursement under Family Law Code Section 2640.
Division of Assets
After a divorce, separate property is confirmed to the spouse whose separate property it is while the community property is divided per California law. However, there are other ways a couple can decide to divide all the assets. One way is to allow one spouse to buy out the shares of the other to take hold of the whole property. Another way is to sell off the property and divide the money, and if the married couple is separating on good terms, they may even choose to hold the property together. In the majority of the cases, divorced couples do not like the idea of holding property together, but there are certain circumstances in which they can agree on it.
If you and your ex-spouse had debts such as mortgage, car loans, or credit card debts, even these need to be addressed at the time of divorce. It is a smart choice to pay off all the marital debts at the time of finalizing of the divorce if at all possible due to liability. It is essential to know the difference between the community and separate property when filing for a divorce if you are living in a community property state. The community property states include California, Texas, Washington, Nevada, New Mexico, Lousiana, Arizona, Wisconsin, and Idaho.
If you want to understand the asset division once you get the divorce, you may hire us as your professional family law firm in San Diego! Contact us today for a 30-minute-free consultation with an experienced divorce lawyer at the Law Office of Doppelt and Forney, APLC at 800-769-4748. Please feel free to bring a list of your assets and debts for the initial consultation.