When you are going through a divorce, you will need to think about how your property will be divided. Each state has specific ways of handling asset division in a divorce. This is often the most contentious part of the divorce process, and you should not go through this without a Thousand Oaks property division attorney. At the Law Offices of Ronald K. Stitch, we have the experience you need to ensure fair treatment throughout the divorce process.
How does property division work in Thousand Oaks?
The division of assets during a divorce can be incredibly confusing, mainly because not all states handle this the same way. Those who live in California are in a community property state. Property that is acquired before marriage by either party can be considered separate property, though this property will become joint property if it is commingled with any marital assets.
This means that all property that is acquired during the course of the marriage is considered joint property. If a married couple then divorces, all marital property must be distributed equitably. Equitably does not necessarily mean a 50/50 split; it just means that the property has to be divided as fairly as possible. This can be complicated, especially for marriages with various assets. Consider the following that a divorcing couple may have:
- A marital home
- Secondary homes
- Investment real estate
- Business real estate
- Pensions, IRAs, 401(k)s
- Stocks, bonds, mutual funds
- Vehicles, RVs, and boats
- Furniture, artwork, collectibles
- And more
Even uncontested divorces run into issues when working through property division, and it is vital that a skilled Thousand Oaks property division attorney helps you through this. For contested divorces, your attorney will be your advocate and ensure that you are treated fairly by your spouse and their attorney.
Do debts have to be divided?
Debts that are acquired during the course of a marriage are also considered joint property. State law treats this a bit differently and requires that marital debt be split equally between the two parties. This is regardless of whose name the debt is in, and can include:
- Tax debt
- Personal loans
- Installment loans
- Automobile loans
- Student loans
- Credit cards
A mediator could be a good option
In some cases, a skilled mediator could be used in place of going through the court system for property division. At the Law Offices of Ronald K. Stitch, we also offer mediation services that could be less costly and less contentious for a separating couple.
We will ensure you are treated fairly
If you are going through a divorce or considering doing so, you need to speak to a skilled attorney as soon as possible. Even though the law requires the equitable distribution of marital property, that does not mean that this process will be easy. At the Law Offices of Ronald K. Stitch, we are dedicated to helping ensure our clients are treated fairly throughout the divorce process. Let our Thousand Oaks property division attorneys get to work on your case today. You can contact us for a free consultation by clicking here or by calling 818-237-4574.