If you are getting divorced, it’s important to understand how assets and debts will be divided. Each state has its own laws regarding property division. California is a community state, which means that any property acquired during the marriage is shared equally between both parties. That is, unless, a prenuptial agreement was signed and is in effect.
For more information on how assets and debt are divided during a divorce in the state of California, keep reading!
What is the definition of property?
The definition of property in a divorce case is anything that can be bought and/or sold. It is also anything that has monetary value. In terms of a divorce, examples of property are homes, vehicles, furniture, RVs, boats, cash, businesses, real estate, land, pensions, retirement accounts, patents, life insurance plans that have cash value, and stocks.
Are debts treated the same way that property is?
In the state of California, property that is obtained during a marriage is owned by both spouses, unless it was a personal gift to a spouse. The same is true for debt. Any debt that was acquired during a marriage is shared equally among both partners. That holds true unless there is a formal agreement stating that only one person is responsible for the debt.
What’s the difference between community and separate property?
There are two types of property considerations—community and separate. Community property is anything—assets or debt—that is acquired during the marriage. This is regardless of who earner it and who has the title to it. That means even if your spouse took a credit card out solely in their name and racked up thousands of dollars of debt, you are responsible for half of it.
What if I’m confused about property and debt division regarding my divorce case?
If you’re confused about property and debt division regarding your divorce case, you should contact an experienced family law attorney like Kendall Gkikas & Mitchell, LLP right away. A family law attorney will work with you to determine what is community property, and what is separate property.
Trust Kendall Gkikas & Mitchell, LLP with your California divorce case.
If you are getting divorced it is important to have an experienced attorney on your side. At Kendall Gkikas & Mitchell, LLP, we have over 26 years of experience when it comes to family law. Whether you are dealing with a divorce case in California or fighting for child custody, we can help. Our experienced attorneys will work with you every step of the way, fighting tirelessly to ensure that your rights are protected. Contact us today at 909-482-1422 to request a consultation to review your case.
To learn more about the family law services that we offer, visit us on the web at Kendall Gkikas & Mitchell, LLP!