Division of Property

California is a "community property" state. For divorcing couples, that means that unless they signed a written prenuptial agreement detailing how property should be divided in a divorce, most of the financial assets they acquired during a marriage are considered part of the property that must be divided in a divorce. This doesn't necessarily mean each individual asset will be divided in half; rather, the value of the property that each spouse receives in a divorce should be equal. Thus, one spouse may receive the couple's house, while the other receives investments and other property whose value equals that of the house.

Community property doesn't just include things you bought together. It could also include income earned during marriage, retirement savings you contributed to with jointly owned money; a business that grew during the marriage; and investments that appreciated in value during the marriage. If one spouse earned an advanced degree or professional license during the marriage with financial help from the community, the community is entitled to reimbursement at dissolution of the community contribution to the other party's education and training that substantially enhanced their earning capacity. However, the community is not entitled to the enhanced earning capacity the spouse receives due to the advanced degree or professional license.

Assets that are not community property usually include:

• Anything an individual owned before marriage that did not appreciate in value.
• Inheritance and gifts given specifically to one spouse.
• Anything acquired by exchange of separate property. That is, if one spouse bought a car during the marriage using only money earned before the marriage, that car would not be community property.

As with the division of assets, community debts and liabilities must be divided equally unless agreed or otherwise provided in the Code.

Division of property can be extremely complex, with implications for your retirement savings, your taxes and ultimately, your financial future. It can also be one of the most contentious and difficult parts of dissolving a marriage. If you're divorcing and you're concerned about ensuring that your property is correctly divided, we can help you:

• Present the best, most complete and advantageous information about the value, source and ownership of your assets.
• Ensure that debt is correctly and fairly apportioned.
• Protect assets that are not community property.
• Ensure that your interest in retirement savings or other complex investments is protected.

At Wallin & Klarich, we've handled division of property and other family law matters for more than 30 years. We understand that our clients come to us during a difficult part of their lives, which is why we're dedicated to providing personalized service. We promise to pursue the best possible outcome for our clients, as aggressively as necessary. And because we're in 33 cities across Southern California, we're able to meet with you wherever you happen to be. For a consultation with our experienced family law attorneys, please call us now at 1-888-749-7428 or fill out the consultation form to the right.

At Wallin & Klarich, we approach every case with the belief that the person we're representing could easily be one of our own family members. We've seen firsthand how stressful legal matters can be for our clients and their loved ones. We are committed to being available to our clients at all times -- 24 hours a day, 7 days a week, 365 days a year. If you are involved in a family law matter in Southern California, you should call Wallin & Klarich today for a free evaluation of your case. Call 1-888-749-7428 or fill out our online consultation form to get in contact with a legal professional today. We will be there when you call.