Protect your right to your separate property and to your fair share of community property with help from an expert divorce attorney
After child custody issues, the division of debts and assets is probably the most contentious part of a divorce proceeding. Even if you are able to reach an agreement regarding all other aspects of your divorce on your own, chances are you will still need to hire a divorce attorney to handle your financial and property issues. At bare minimum, you may need assistance submitting your property division agreement to a judge. This step is vital because if an agreement is not court-approved, it is only an informal agreement and your spouse may still have a legal right to your property. The procedures surrounding property division can be complex, but fortunately, Kendall Gkikas & Mitchell, LLP can guide you through the process while ensuring your best interests are always protected.
Types of Property
California law recognizes several different types of property ownership within a marriage. Depending on how various types of property are classified, you may be entitled to all, none, half, or some other portion of the value of a given asset.
Almost all property, debt, or income that a couple acquires while legally married or in a legal domestic partnership is considered community property and will be split 50-50 in the event of a divorce. The major exceptions are gifts and inheritances made to one spouse.
Property, debt, or income acquired by a married couple while living in another state will also be treated as community property in a California divorce, provided these assets would have met the definition of community property had they been acquired in California.
Any assets or debt owned prior to the marriage or domestic partnership is considered separate property belonging to the spouse who brought it into the marriage. Gifts and inheritances are also considered separate property, as are any rents, profits, or earnings from separate property, or anything purchased entirely with separate property assets and kept separate.
As soon as you separate from your spouse, you can begin acquiring separate property again. In other words, any income you receive or debts you incur after the date of separation belong to you alone and cannot be considered community property.
Often, married couples combine assets they brought into the marriage to purchase shared property such as a house or a car. In this case, the property is considered commingled, and the property rights of each partner are not so straightforward. You will almost certainly want the assistance of a divorce attorney to help you determine how much of the value of a commingled property you are entitled to.
Why Hire Us as Your Property Rights Attorney
At Kendall &Gkikas LLP, we take pride in providing honest and accurate assessments of your rights in a divorce proceeding. We won’t sugarcoat the issue or give you false hope. Instead, we will help you to understand your rights under the law as well as the strengths and weaknesses of your case. Then, we will work hard to help you achieve the best possible resolution to your property division issue. Don’t enter into any property division agreement without consulting us first!