Dividing property is one of the most significant challenges in a divorce. Whether it’s your family home, vehicles, bank accounts, or personal belongings, understanding how property is divided in California is crucial to protecting your interests. As a community property state, California has specific rules for dividing assets and debts fairly between spouses. At Kendall Gkikas & Mitchell, LLP, we’re here to help you navigate this process as your trusted divorce lawyer in Ontario CA. Keep reading for what you need to know.
How Property Is Classified in a Divorce
In California, property is classified into two categories. Community Property is assets and debts acquired during the marriage are considered community property and are generally divided equally between both spouses. Examples include income earned by either spouse, homes purchased during the marriage, and shared bank accounts.
Separate Property is assets and debts owned by one spouse before the marriage are considered separate property and typically remain with that spouse. Inheritances and gifts received by one spouse during the marriage also fall into this category, as long as they were not commingled with marital assets.
Steps in Dividing Property in California
The first step in property division is identifying all assets and debts. This includes tangible assets like homes and vehicles, as well as intangible assets like retirement accounts and investments. Both spouses are required to disclose all financial information fully and honestly. Once all property is identified, it is classified as either community or separate property. This step can be straightforward for some items, but it becomes more complex if assets have been commingled.
After classification, the court will assign a fair market value to each asset. This ensures that property can be divided equitably. Valuation may require professional appraisals for assets like real estate, businesses, or valuable personal items.
California law requires community property to be divided equally between the spouses. However, this doesn’t mean each item is split in half. Instead, the court aims for an equal overall division of value. For instance, one spouse may keep the family home while the other receives assets of equivalent value, such as retirement accounts or cash.
Contact Kendall Gkikas & Mitchell, LLP for Property Division Assistance
Dividing property in a divorce can be legally and emotionally complex, especially if disputes arise over the classification or value of assets. A skilled divorce lawyer in Ontario CA can ensure all assets and debts are accurately identified and classified, protect your separate property from being unfairly divided, and advocate for a fair division of community property. At Kendall Gkikas & Mitchell, LLP, we have 31 years of experience handling complex property division cases and are committed to helping our clients achieve equitable outcomes. If you’re going through a divorce and have concerns about property division, contact us today at 909-482-1422 to schedule a consultation with an experienced divorce lawyer in Ontario CA. We’ll guide you through the process, protect your assets, and fight for a fair resolution.
