For divorcing couples, the legal proceedings of dividing property in Riverside can be a complicated and exhausting task. Aside from being emotionally straining, division of property can be very time consuming. Your experience with this process can be less stressful if you are well informed on a few matters. First of all, unless you and your spouse signed a written prenuptial agreement, most of the financial assets you both acquired during the marriage will be considered part of the property that must be equally divided in value between the two of you, otherwise known as “community property”. A common example of this is when one spouse receives ownership of the couple’s house, while the other obtains investments that are of equal value to the house.
Another important factor is that California is a “community property” state, which means parties are considered equal partners in a marriage. Regardless of whether the assets were earned by the husband or the wife, each spouse is required by law to share marital property equally. This is due to the consideration of both marital partners as being an equal agent of the partnership and acting for the combined benefit of the family. In addition to joint ownership, the California community property system also includes the right of equal management and control of assets. All of these matters are held behind the theory that Riverside division of property in divorce should be handled similarly to the dissolution of a business partnership. This approach occurs so that apart from the behavior during the existence of the partnership, each person is awarded his or her share of assets in a fair and equitable manner.
If you are pursing dissolution of marriage in Riverside County, you need the legal assistance of a knowledgeable divorce attorney who will help ensure that equal division of community property is established, as well as help to differentiate between assets that are not community property. The Riverside Family Law Offices of Wallin and Klarich want to help you through this difficult time. We have more than 30 years of experience and our divorce attorneys are here to answer any specific questions you may have.
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