Throughout your marriage, you and your spouse likely shared certain things. For instance, it's not uncommon for spouses to share a bank account. Sharing things is a typical part of marriage, but things can get messy if you later decide to divorce. When you sever your marital ties, you have to resolve many issues concerning finances, child custody (if you're parents) and property division.
California is one of nine states that operate under community property laws in divorce. This means that the judge overseeing your case will assume that your marital assets and liabilities will be split 50/50 between you and your spouse. If you are both on reasonably good terms and you just want to achieve a fair settlement and move on with your lives, there may not be anything to worry about.
California is one of nine states that use to community property laws when spouses decide to divorce. That means, in California, the spouses' community property -- otherwise known as marital property -- is supposed to be divided on a 50/50 basis. Whether or not that happens could depend on multiple factors, such as accurate or inaccurate valuation of assets or the kind of assets each spouse would prefer to keep.
California is a community property state, which can be beneficial during a divorce. Essentially, this means that both partners in a marriage are half owners of all assets accrued during the marriage, no matter whose income paid for what.
With the exception of child support and custody, the division of assets is often the most hotly contested aspect of divorce proceedings. The greater the shared assets between former spouses, the more potential for a protracted court battle over who gets what. Sometimes spouses are able to quickly and agreeably determine the division of assets early in a divorce.
During divorce proceedings, property divisions can be one of the most complex and contested issues you have to handle. For example, determining the value of the property in question can require multiple appraisals.
Here at The Law Offices of Dorie A. Rogers, APC, we advise our divorce clients in a wide range of legal issues related to dividing their property between themselves and their spouses. When the assets in question are of high value or unique character, it is critical to assign values that are accurate and reasonable for purposes of proper property division.