Property Division Attorney in Ventura
Representation From An Experienced Divorce Firm
The state of California requires that all property and debt that is acquired during a marriage is equally divided amongst the spouses. This can be a complex and time consuming process due to the need to divide community property and determine the worth of property. Property division can become even more difficult if there is hostility between spouses and they cannot reach agreements on their own.
If this is the case, a judge will have to make the determinations regarding marital property and how it will be distributed between the parties. California uses 'community property' as the property division method, rather than equitable distribution like many other states. If you have questions regarding your property and the way that California will divide it, contact a divorce attorney from Negley Law, APC.
What is Considered 'Community Property'?
Property in California is divided into separate property, community property and a mix of the two. Property that is 'marital' or 'communal' includes:
- Property that is accumulated during the time that the couple was married
- All wages that were earned throughout the term of the marriage
- All debts that were incurred during the marriage
- Any benefits, retirements or pensions that accrued interest while the couple was married
All the property listed above will be divided equally among both spouses if they are getting divorced. The debts that are considered community property would be any unpaid credit cards, mortgages and loans from the marriage. If the property is not community property, it will be separate or a mix of community and separate.
What is 'Separate Property'?
Property that is considered 'separate' will be awarded to the spouse that owns it. Separate property includes:
- Personal gifts
- Personal injury case rewards
- Property that is owned separately and purchased outside of the joint funds
- Business that was owned before the marriage
- Property owned before the marriage
There are cases where property can be both marital and separate and the determination of distribution can be complicated. For example, a business owned before the marriage is separate property, but if that business gains value during the marriage, the increase of earnings can then be seen as community property. Also, if property was purchased with a mix of joint funds and also separate funds, it can be both separate and marital.
How is property divided in CA?
The property deemed community property will be divided equally. There are no exact regulations for how this is done and the assets can be divided according to value. Overall, as long as the net value of the assets is split equally, it is considered settled. Some of the types of distribution include: cash out distributions, reserved jurisdiction distributions, 'in kind' distributions, deferred division distribution plus more. When it comes to the separate property, it goes to the owner. The judge will then have to make determinations regarding the property that is both community and separate. This entire process can be time consuming and overwhelming, it is beneficial to have a Ventura property division lawyer by your side throughout the process.
Obtain Representation from Negley Law, APC
If you are going through a divorce, an attorney from our firm can help you with all the issues involved. Property division is only one of the matters that will need to be resolved when filing for divorce. Negley Law, APC offers a free initial consultation where you can discuss your case and the process of property division at no cost. Contact us right away for the experienced divorce counsel in Ventura that you need!