Divorce is a challenging process, and one of the most complex aspects is the division of property. Understanding how California law handles property division can help ease some of the stress and uncertainty. The good news is that Kendall Gkikas & Mitchell, LLP, a trusted divorce attorney in Claremont CA, is here to help! Keep reading so we can provide clarity on this complicated process!
Understanding Community Property
California is a community property state. That means that all assets and debts acquired during the marriage are considered jointly owned by both spouses. This includes income, real estate, vehicles, and even retirement accounts. It also includes debts like mortgages, credit card debt, and loans. It’s important to note that community property does not include assets acquired before the marriage, gifts, or inheritances, which are considered separate property. It can get complicated, but as your divorce attorney in Claremont CA, we will help you identify and classify all assets to ensure a fair division.
Identifying and Valuing Assets
The first step in property division is identifying all assets and debts. This can be a difficult task, especially in marriages with significant or complex financial portfolios. The next step is distinguishing between community and separate property. Separate property includes assets owned before the marriage and gifts or inheritances received by one spouse during the marriage. However, if separate property has been commingled with community property, it can become difficult to distinguish. As your divorce attorney in Claremont CA, we will help you gather and meticulously analyze financial records to ensure everything is accounted for and classified properly.
Equitable Division of Property
While California law mandates a 50/50 split of community property, the process of achieving an equitable division can be complex. Various factors, such as the length of the marriage, each spouse’s financial situation, and contributions to the marriage, are considered. As your experienced divorce attorney in Claremont CA, we will advocate for your interests to ensure a fair and just division of property. This may involve negotiating settlements or, if necessary, representing you in court to achieve an equitable outcome.
Contact Kendall Gkikas & Mitchell, LLP for Expert Legal Guidance from a Skilled Divorce Attorney in Claremont CA
Navigating property division in a divorce can be overwhelming, but you don’t have to do it alone. Kendall Gkikas & Mitchell, LLP is an experienced divorce attorney in Claremont CA with 31 years of experience. We are here to provide the support and expertise you need, whether you’re dealing with simple asset division or complex financial issues. Give us a call today at 909-482-1422 to schedule a consultation and take the first step towards securing your financial future post-divorce!
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