Act Quickly to Protect Your Property Interests
Dividing marital property during divorce can be a difficult process, especially if there are marital assets such as businesses that must be valued and divided. It is even more important to have an extremely knowledgeable attorney if there are possible tax implications, reimbursement issues, or disputes regarding whether property is community property or separate property.
It is essential that you speak with an experienced Roseville divorce lawyer who will protect your best interests and help you make informed decisions about your property during a divorce. The legal team at McKean Family Law can expertly advise you about your rights during property division.
How Is Property Divided in California?
California is a “community property” state. Parties can agree through prenuptial or post-marital agreements to make a contract that they will not follow California community property laws. However, if there is no written agreement, statutes and case law requires all community property be divided equally.
Community Property Division
Community property includes property acquired during the marriage with funds earned by either spouse during the marriage until the date of separation the couple. These assets are owned equally by both spouses and will be divided equally.
Community debts are also split equally. Debts, including credit cards, loans, mortgages, and tax underpayments that were accrued during the marriage, belong equally to both spouses, and each spouse is typically responsible for one-half of the debt.
Separate Property Division
Separate property is an asset that is owned by only one spouse and not subject to division by the court. Property purchased before the marriage or during the marriage with funds from a gift or inheritance is often considered separate property.
Sometimes there is a dispute about whether asset is community or separate. When there are property disputes, it is important to speak with a family law attorney who has the legal experience needed to make sure you are protected while dividing property.
What Property is Divided in a Divorce?
All assets in the marital estate can be divided. That includes homes and other real property, business interests, retirement accounts, vehicles, savings, and other bank accounts, stock options or Restricted Stock Units (RSUs), jewelry, art, collections, and any other valuables owned by the spouses. Debts are also divided, or if the debt is assigned to only one spouse, there is an offset against the assets to make the division equal.
A Family Law Attorney Can Help
Our law firm can help:
- Assist with the financial disclosure process required by California Law.
- Work with experts such as real estate appraisers, forensic accountants, and tax professionals to identify the existence and value of assets, whether an asset is community or separate property, determine the cash flow of businesses and other property, and analyze the income of the parties.
- Execute formal discovery if there may be hidden or mismanaged assets or are complex issues that require more information than was provided by the other party.
- Ensure that debts are divided equally.
- Negotiate and draft property division agreements.
Goal Focused Solutions for Challenging Problems
You have worked hard for the property you have acquired. At McKean Family Law, our family law attorneys represent clients no matter the value of their marital estate and make sure all clients are treated fairly in court.
Our property division attorneys assess each individual case during the initial consultation and explain family law matters, including the divorce process, legal terms, and options available.
Call our Roseville office to speak with an attorney who can keep your best interest at heart from your very first phone calls and meetings. You can call our firm today to schedule a free consultation to get more information about the process.
Note that this article is for general information purposes and should not be taken as legal advice. Obtaining advice from this office does not constitute an attorney client relationship, and every new client must enter into a fee agreement before representation begins.