Dividing Assets and Debts in a California Divorce
Property division can be a tricky issue during divorce. On the one hand, most people want to finalize the divorce and get on with their lives. On the other hand, it is important to protect your interests in marital property and avoid being saddled with debt from the marriage.
I am an experienced property division attorney who can help you pursue both goals by taking a creative, big-picture approach. Contact me to schedule a free initial consultation at one of my offices in Encino or the Santa Clarita Valley.
Understanding the Property Division Process
There are several misconceptions about property division in divorce. However it may be portrayed in the movies or on television, the property division process in California may not be the place to argue about infidelity, negligence, and other factors leading to the breakup of the marriage.
Under California community property law, property and debt acquired during the marriage presumptively belongs to both spouses and must be divided equitably, regardless of fault. However, this does not mean every asset must be split in half or sold off, nor does it mean that the numbers on each side must match up exactly. The courts encourage couples to come to property division agreements to ease the pain of divorce.
I have extensive experience negotiating property division agreements for my clients, enabling them to protect their interests, and avoid destroying valuable assets. If a fair property and debt settlement cannot be achieved, I am prepared to go to court as an aggressive advocate for my clients.
Sorting Out Community Property and Separate Property
Community property is a complicated concept. For instance, separate property that is owned by one spouse prior to the marriage may acquire community property characteristics, in whole or in part, whether it is a home or a small business.
Likewise, gifts or inheritances received by one spouse are not automatically community property, but may lose their separate property characteristic if they are commingled with community property, and the other spouse can gain rights to them.
Debts acquired during the marriage usually belong to the community. Unfortunately, if your spouse has lacked control with credit cards or other consumer debt, you may be saddled with some of that debt.
Don't leave these matters to chance. I will examine these issues, working with the necessary experts if necessary, in order to ensure that you are able to make an informed decision about property division. Contact me to get a knowledgeable divorce lawyer on your side.
