Are you wondering what assets you are entitled to in a California divorce? If so, you are not alone. Many individuals going through the divorce process think about what property they may be entitled when filing for divorce from their spouse. California law holds that each spouse is entitled to 50 percent, or one-half, of the community estate.
Your community estate may not be as clear cut as you think. In order to ensure that you get what you are fully entitled to, it is important to hire an experienced Stockton divorce attorney as soon as possible.
Dividing Assets In a California Divorce
When you file for divorce, all of the property belonging to you and your spouse is generally divided into two categories: separate property and community property. Each category is explained in more detail below.
Under California law, any property you acquired prior to getting married, during your marriage by gift, devise or bequest, or after legally separating is considered separate property. Upon dissolution of your marriage, you are entitled to all of your separate property and none of your spouse’s separate property.
Community Property – Assets and Debts
Under California law, any property you acquired during marriage is considered community property. Upon dissolution of your marriage, this community estate will get equally divided between you and your spouse unless you each agree differently. Below is a list of property that is considered community property:
Bank accounts and cash
Pension plans and retirement accounts
This is not an exhaustive list. Your Central Valley divorce attorney will need to look at the specific facts of your case to determine exactly what asset is considered community or separate property.
Dividing Community Property Assets
Dividing community property assets can be complicated. The most important factor to consider during the division process is that the net value of the community property assets you and your spouse receive must be equal, unless you both agree otherwise. For example, you may be awarded the family home and your spouse may be awarded a vacation home that is of equal value.
Regardless of which spouse gets what community asset, the individual who ended up with the asset must pay the mortgage, property tax, upkeep expenses and all other related costs, unless agreed otherwise.
Call an Experienced Central Valley Divorce Attorney
If you are going through a divorce or planning to file for divorce, it is important that you have a knowledgeable attorney fighting for your rights. For more information or to schedule a complimentary consultation with a Central Valley divorce attorney, please call Gurjit Srai (209) 323-5558 or (559) 449-1447, or complete our online form.