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First let us define what "property" means. Property in a divorce refers to everything that could be bought or sold, including real estate (both residential and commercial), cars, furniture, clothes, and technology.
It also encompasses monetary worth goods including bank accounts, investment assets, patents, and security deposits on rental property.
All property possessed by you and your partner will be categorized as either community or separate property during a divorce, or sometimes both depending on things.
Once the divorce is finalized, this classification process will control the distribution of the property.
California runs under a community property state model. Couples who register a domestic partnership or get married so establish a legally recognized "community."
Any debt or asset obtained by either partner during the marriage is regarded as community property, shared equally between the two. According to California Family Code Section 760, this covers any real and personal property obtained during the marriage.
Usually, community property is split evenly—50/50—should a divorce arise.
Separate property comprises gifts and inheritances acquired during the marriage as well as items one partner had before to the marriage.
Property bought with separate funds after the marriage also stays separate.
As long as separate property—such as rental income or business profits—generates income—remains separate even if it is combined with shared assets.
Assets acquired by either partner outside of California, which would be considered community property if acquired within the state, are classified as quasi-community property. During a divorce, these assets are treated as common property.
Couples can use prenuptial or postnuptial agreements to bypass the standard community property division rules. These agreements are especially important for protecting valuable assets or business interests, allowing couples to determine how their property will be divided in the event of a divorce.
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We know how personal and impactful family law issues can be. That’s why we’re committed to:
If you’re in need of caring, compassionate help with your divorce or family law case in Corona, CA, we’re here for you. Contact us to start the conversation.
Disclaimer: The above rules are merely generalities and should not be construed as legal advice and should not be acted upon or relied upon in any way. If you have specific questions about any of the above, please call our office for more information.
Property division during a divorce can be particularly complicated when separate and community property are intertwined.
For instance, if one partner used separate funds for a down payment on a house while mortgage payments were made with community funds, the home’s equity may be a mix of separate and community property.
In such cases, forensic accountants might be needed to accurately partition assets and track transactions. When determining who stays in the home, consider the following factors:
These questions help ensure a fair outcome and assist in evaluating the complexities of property division.
Usually, your attorney will be able to assist in negotiating a reasonable settlement including ongoing residence in the house.
This can be via assisting the client find money in the divorce to buy the other party out, negotiating a delay in the sale date of the house, or devising a creative solution in the divorce settlement.
Should you be divorcing and wish to save the family house, we will work with you to make this a reality. To get further information, kindly phone our office or send emails. We can assist you here.
A property division lawyer can guide you through the complexities of dividing assets during a divorce. They guarantee equitable distribution, help defend your rights, and negotiate issues including commingled property and ownership conflicts.
Having a skilled attorney on your side can make all the difference between a quick fix and a protracted legal fight, whether by lawsuit, mediation, or negotiations.
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