Consequences of the division of property in a Riverside divorce or legal separation?
In a Riverside divorce proceeding, division of property determines what property the court will award to each party. As you can see, the stakes are high in a division of property marital proceeding, since you want the court to award you the property you are entitled to. Be sure to contact an experienced Wallin & Klarich family law attorney who will advise you as to how the property can be divided, and help you get what you are entitled to.
How does the court decide how to divide property in a Riverside divorce or legal separation?
California is a community property law state. This means that generally all property acquired during a marriage belongs to each spouse equally as “community property.” Thus, in a divorce or legal separation, property acquired during the marriage will generally be divided 50/50 between each spouse.
If property acquired during marriage is acquired through inheritance, gift, or devise, the spouse who specifically was given the property owns it separately and solely. This is an exception to the above-mentioned community property division rule. Also, any property acquired before the date of marriage or after the date of separation will be considered separate property by the court.
Federal law has precedence over California law
Some property involved in the marital division of property may be subject to federal law. Depending on what this property is, federal law may dictate how the property is to be divided upon divorce or legal separation. California division of marital property law would not apply in that situation.
Methods of court division
The above principles concern in what proportion marital property is to be divided. When the parties cannot agree on how the property will practically be divided (that is, in what form the property will reach the parties’ hands upon division), the court will use one of the following four methods:
• In-kind division – Property that can easily be equally divided will be split equally (50/50) between the parties. This type of property includes bank accounts, stock shares and insurance proceeds.
• Asset distribution/cash out division – This division method applies when the asset cannot be easily divided. The court awards one or more assets to one spouse and the other spouse gets other assets of equal value.
• Sale and division of proceeds – This method involves the court ordering the sale of a community property asset and distributing the proceeds from this sale equally between the parties.
• Deferred partition by conversion to tenancy in common – This method involves the court awarding a one-half interest to each spouse in a community asset. Both spouses then own the asset as “tenants in common”. The division of this asset is suspended until it can be sold. Upon sale, the proceeds are then distributed equally.
Debts are subject to principles similar to those that govern property. Like community property assets, each party is responsible for one-half of the community property debts.
What can a Wallin & Klarich family law attorney do for you regarding your Riverside division of property?
The division of property in a divorce or legal separation proceeding can be puzzling and overwhelming. A Wallin & Klarich Riverside divorce family law attorney will analyze each and every one of your assets and thoroughly and professionally advise you as to that asset’s potential classification as community property, separate property, or property subject to federal law. This thorough analysis will improve your chances significantly to get the property you deserve upon the resolution of your Riverside divorce or legal separation.
Wallin & Klarich has over 30 years of experience successfully representing our clients in division of property proceedings. We have the skill and experience to help you win your case. Our offices are located in Orange County, Los Angeles, San Diego, Riverside, San Bernardino, Ventura, West Covina, Victorville, Torrance, and Sherman Oaks. Call us today at (888) 749-7428. We will be there when you call.