Our Attorney Help Resolve Divorce Asset Separation

Property division is arguably one of the most stressful aspects of divorce. Dividing assets fairly is often difficult, leaving one or both spouses unsatisfied. California’s community property laws ensure that assets are divided evenly between divorcing spouses. However, California’s community property laws are extremely complex. A property division lawyer can provide the knowledge and expertise necessary to fairly separate your assets in accordance with California law. At Her Lawyer, your needs and preferences are our top priority. If you feel more comfortable consulting a woman lawyer to help divide your assets, contact Her Lawyer to get in touch with one of our female property division attorneys.

Types of Property

When separating assets during a divorce, it is important to distinguish between two types of property: separate and community.

Community Property

Community property includes all property and assets acquired during the marriage, otherwise known as marital property. Community property may specifically include

• Earned and interest income earned by one or both spouses during the marriage (marital earnings)
• Assets purchased during the marriage with marital earnings
• The family home(s), including all mortgages

California law ascertains that property, income, and all other assets incurred during the marriage must be equitably distributed during the divorce. Nonetheless, separate property may be excluded from division during the divorce. One of Her Lawyer’s divorce attorneys can gather all relevant information to help equitably divide marital assets. If you prefer female representation, contact us to get in touch with one of our female property division attorneys. Your asset separation lawyer will fight to protect your rights, assets, and entitlements.

Separate Property

Separate property includes property and assets acquired before the marriage. Separate property may specifically include:

• Separately held bank accounts
• Separately held inheritances, even if they were acquired during the marriage
• Gifts from one spouse to another
• Compensation granted from personal injury proceedings

A divorce attorney can help protect your personal property and fairly divide community property. A spouse may attempt to go after the other’s personal property. It is imperative to legally protect your assets, especially during a divorce. By failing to properly secure your personal property, your spouse may argue that such assets are considered community property and may be up for grabs. You can protect your personal property by placing designated assets in your name and securing inheritance funds in separate bank accounts. However, do not hide assets from your spouse. This may only agitate the divorce and increase distrust between you and your partner. If you legally secure your personal assets, you will have nothing to hide.

FAQS

How will properties be divided?

California’s community property laws decree that all marital property must be split equally during a divorce. Marital property includes any and all assets purchased with funds earned during the marriage. Community property laws state that all properties, savings, and debts earned during the marriage must be split equally, regardless of which spouse earned more.

However, divorcing couples often find it difficult to equally split assets and debts in a balanced manner. Equitably separating assets and debts can be near impossible, especially when a couple’s net worth may be concentrated in one property. For example, if a couple’s net worth is $1 million and their house is worth $800,000 it may be unfeasible to divide assets without splitting the home. In this case, spouses must work together to properly divide assets. This may involve selling the house and splitting the profits.

How are debts divided during divorce?

All debts incurred during the marriage will also be split evenly during the divorce. Debts split between partners during a divorce may include:

• Joint credit card debt
• Mortgages
• Business loans
• Auto loans
• Medical debt

If a large proportion of a couple’s debt is attached to a single property, splitting debt may be fairly difficult. When a couple incurs high mortgage debt on a single property, their best option is often to sell the home and split the profits. Although every circumstance is unique, most divorcing couples who find themselves in high debt often choose to do so. Selling your home may also help cover credit card, business, auto, and medical debts. Although joint credit card debt may be split evenly, each spouse will likely be responsible for their personal credit card debts. A family law attorney can help divide your assets and debts properly, protecting your legal rights and entitled assets.

What’s the difference between separate and marital property?

While marital property is acquired during the marriage, separate property is property acquired before the marriage. California’s community property laws state that marital property must be divided equally by spouses during divorce, separate property remains in the individual spouse’s possession.

When does separate property become community property?

Under certain circumstances, separate property can turn into community property. If a spouse places property acquired before the marriage in the other spouse’s name, the property will become community property. Also, if a spouse helps upkeep or enhances an asset that is not in his or her name, the asset can potentially become community property.

When dividing our properties, who will appraise our assets?

Asset appraisal is arguably the most significant aspect of property division. Evaluating your assets’ worth is essential when separating assets. Appraisals help determine the true value of your marital property. Appraisal processes can be fairly difficult, especially when accounting for complex home loans and debts. Hiring an appraiser can help clear the blurred lines of property division. Examples of marital assets that may require appraisal include:

• Businesses
• Properties
• Jewelry
• Antiques and furniture

One of Her Lawyer’s asset separation lawyers can work with a licensed appraiser to properly divide marital assets.

Property Division – Attorney Principles

Your Rights Are Our Priority

Keeping one’s entitled assets during a divorce can be difficult, especially without legal expertise or representation. A property division lawyer can help you navigate through California’s complex community property laws. Having legal representation is imperative in protecting your entitlements and assets. Contact us to get in touch with one of our family law attorneys. We will handle your divorce case with integrity, confidence, and expertise.

Personal Needs Require Personalized Service

Your rights, needs, and preferences are our top priority. If you prefer for a woman to legally represent and advise you, contact Her Lawyer to get in touch with one of our female property division attorneys.

Contact Us

If you’re seeking a divorce in California, contact Her Lawyer to get in touch with one of our female property division attorneys. Legal help is here for you 24/7.