Are you going through a divorce and unsure how your assets will be divided? Property division can be one of the most complex aspects of a divorce, especially when there are a lot of assets or debts involved. That is why understanding California’s property division laws is essential to ensuring a fair outcome. Keep reading to learn how a family law attorney in Upland CA like Kendall Gkikas & Mitchell, LLP can help protect your financial interests during a divorce.
Understanding Community Property in California
California follows community property laws, which means that most assets and debts acquired during a marriage are considered shared property. In general, during a divorce, all marital assets must be divided equally between both spouses. Community property includes income earned during the time you were married, real estate, retirement accounts, and even debts. However, separate property, like assets owned before marriage, inheritances, or gifts given to one spouse, typically remains with the original owner.
While the law may seem straightforward, property division can often become complicated. If separate and community property get together, also known as comingled, it can be challenging to determine who gets what. A family law attorney in Upland CA can help you identify and classify assets correctly, ensuring a fair division.
Determining a Fair Property Settlement
Although community property is typically divided equally, certain factors can influence how assets are distributed. Courts may consider the length of the marriage, the financial needs of each spouse, and whether one spouse made career sacrifices to support the family. Additionally, some assets, like businesses, investments, and retirement accounts, require careful valuation before they can be divided. A family law attorney can work with financial experts to determine the true value of marital assets. Whether through negotiation or court representation, an attorney will advocate for your financial rights.
Handling Complex Assets and Debts
Not all divorces involve simple asset division. In cases where spouses own businesses, multiple properties, or investment portfolios, dividing assets becomes more challenging. Business ownership, in particular, can create disputes over valuation and future earnings. If one spouse wants to keep the business, they may need to compensate the other spouse for their share. Similarly, dividing debts requires careful consideration. Just as assets are split, debts acquired during the marriage are also shared. However, a family law attorney can ensure that you are not unfairly burdened with debts that should not be your responsibility.
Contact Kendall Gkikas & Mitchell, LLP for Help with Property Division
Dividing property in a divorce can be stressful, but you don’t have to handle it alone. A family law attorney in Upland CA can help ensure that assets and debts are divided fairly so you can protect your financial future. At Kendall Gkikas & Mitchell, LLP, we have extensive experience handling complex property division cases and will work tirelessly to secure the best outcome for you. Call us today at 909-482-1422 to schedule a consultation and discuss your case.
