When a California couple decides to end their marriage, they may be concerned about what will happen to their property. After all, they may have spent years or even decades amassing many assets. These assets can have a good deal of sentimental or financial value, so it is important that the division of assets is fair.
California follows community property laws when it comes to property division. Community property is property that a couple acquires while married, including income earned while married. Both parties have an equal ownership interest in community property. Separate property, on the other hand, is owned solely by either one spouse or the other. This may include assets a person owned prior to getting married or an inheritance a person received, even if they received the inheritance while married.
As part of the property division process, each party must disclose all their assets and debts. A person may be tempted to hide income or assets, but this is wrongful and could backfire. Therefore, honesty is the best policy when it comes to property division.
In the end, property division can be an emotional process. Neither party wants to walk away from the negotiation table with less than what they deserve. At our firm, we have the experience necessary to fight for our clients' rights. We understand how important it is to negotiate a fair property settlement. However, if negotiations fail, we will advocate zealously for our clients in the courtroom. Property division issues can be complex, but, with the right help, these issues can be resolved in a fair and appropriate manner.