In California, according to a report, property and debt issues can be settled between parties by a signed Marital Settlement Agreement, or the property award is actually ordered and decreed by the Superior Court within the Final Judgment of Dissolution of Marriage. Since California is a “Community Property” state, all marital property will be divided in a 50-50 fashion according to the court, unless agreed to otherwise by the divorcing spouses. This means that everything that is considered “up for grabs” during the division of property in California during the dissolution and will be distributed equally to each spouse.
Community Property itself is defined as all property and debt that was acquired from the date of marriage until the date of separation. Debts accumulated after the date of separation is also subject to division, depending on the circumstances and use of the debt. Debts acquired by either spouse for the common necessaries of life of either spouse or the necessaries of life of the children of the marriage for whom support may be ordered, shall be confirmed to either spouse according to the parties’ respective needs and abilities to pay at the time the debt began. Debts incurred by either spouse for non-necessaries of that spouse or children of the marriage for whom support may be ordered shall be confirmed without offset to the spouse who incurred the debt. (California Code – Sections: 2501, 2581, 2601, 2602, 2621, 2623, 2625, 2641)
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 at Wallin & Klarich. With our skillful legal help, it’s often possible for couples to reach agreement on how to divide marital property, even for relatively complex estates. However, property division can become the battleground for spouses who cannot agree on anything or who seek to punish their former partner. When you face such a situation, our experienced property division attorneys in California can be a valuable asset to have in your corner. For a consultation with our experienced family law attorneys, please call us now at 1-888-749-7428.
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