Asset Division In a Divorce: What Does The California Law Say?

According to the LA Times, divorce rates in the United States are dropping each year with fewer people tying the knot and the increasing number of people waiting till they’re older and more financially stable before getting married.
California has one of the lowest divorce rates in the country. However, for people who are getting divorced, the split can be messy and full of complicated legal processes. One of the most complicated aspects of a divorce settlement is asset division. 
Under California law, when two people get married, they are considered a community and any assets and debts acquired during the course of the marriage are considered community property.
However, this doesn’t mean that in case of divorce, all assets are split 50/50. The process of division is a bit more complex than that.

Splitting Assets According To California Law

California community property law requires an equitable division of everything that you and your spouse bought during the marriage. This includes anything that can be bought or sold or has a monetary value such as:
· Cars
· House
· Furniture
· Clothes and jewelry
· Cash and bank accounts
· Pension Plans
· Any business or patents
· Stocks
· 401 Ks
· Security deposits
· Additional property such as vacation homes, condos, or yachts
While the law calls for fair division, it doesn't mean that everything should be split down the middle. For example, if one spouse has a nicer car than the other, this doesn’t necessarily mean they have to sell both cars and split the fee. They can come to an arrangement and trade things off for similar value such as a TV or any other asset of similar value.

Assets Exempt from Division

Certain assets don't have to be divided among the spouse equally. These include any assets or possessions that belong to each person individually and were owned by them before the marriage such as inheritance, jewelry, and any property bought before the marriage.
However, the line between community property and commingled property is often blurred and that's where experienced divorce attorney's come in. They can help you decide if the property should be considered community or you have the sole rights to it. They can also help you prove it in court.  

Dividing Debt in a Divorce

As with any property, any debt that was acquired during the course of the marriage is also considered community debt and is split between both spouses. However, if there was any existing debt such as credit card debt racked up by an individual before the marriage was registered, that will not be considered community debt and will have to be paid off by the individual.
GOING THROUGH A COMPLICATED DIVORCE?
The Law Offices of Ron Marquez in Chico, California, can help you out!
Their team of experienced and shrewd attorneys can provide expert legal advice and assistance during your divorce proceedings. They can also help you with a fair division of assets, visitation rights, child custody, and safeguard your rights during overwhelming legal situations.
Get in touch with them today by calling at 530-332-8110. Get a free initial consultation!

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