Property division must be taken seriously
Property division is something that affects most marriages. California is considered a community property state, which means that all property acquired during the marriage belongs to both spouses. When a divorce occurs, the property must be equitably distributed. This does not mean that the property will necessarily be split equally between spouses. Rather, the division of property must be fair for both sides and as equal as possible.
Most divorcing couples have varying types of assets that will need to be separated. This can include the following:
- The marital home
- Secondary or vacation homes
- Any other real estate
- Retirement accounts, pensions, IRAs, 401(k)s
- Stocks, bonds, mutual funds
- Vehicles, RVs, and boats
- Furniture, artwork, collectibles
Some couples only have a few assets that need to be divided, while other cases are much more complex. Properly dividing assets may require that one spouse buy the other out. It could also mean that the property must be sold and the proceeds split between the two parties.
The exception to property division is any property considered “separate.” For this to be the case, the property would have to have been acquired before the marriage and not commingled with marital assets. Inheritances and gifts acquired by one spouse during the marriage are also considered separate property.
Any debts that were acquired during the course of the marriage will also need to be divided. This can include the following:
- Credit cards
- Tax debt
- Personal loans
- Installment loans
- Automobile loans
- Student loans
Mediation could be an option
When dividing assets, one option we offer is family law mediation. Using a mediator could provide you with a less emotional and more affordable way to get through this process. However, mediation only works if both spouses wish to keep the matter out of court and are able to reach an agreement amicably.
It is time to get help for your divorce
Going through a divorce is stressful and complicated, particularly when it comes to the division or property. You should always have a skilled attorney by your side, and the team at the Law Offices of Ronald K. Stitch is ready to help. We will handle all aspects of your divorce case and work to ensure you are treated fairly. Property division may require extensive investigation, and we will deploy all of our resources for your case. Our Westlake Village property division attorneys have a deep understanding of these cases, so you can contact us for a free consultation by clicking here or by calling 818-237-4574.