Protecting Your Assets In The California Property Division Process
One part of the divorce process that can be challenging to face is property division. When you have worked so hard for everything that you have, it can be very emotional to have to face splitting it with your spouse.
At Klausner | Johnson LLP, we understand how difficult property division and other divorce issues can be. Our attorneys and staff are committed to helping clients throughout Orange County through every stage of the divorce process. It is our goal to protect what you have earned and ensure that you receive a fair share of the property accumulated during the time you were married.
California Community Property Laws
The property division laws in California can often be confusing. Having a lawyer from our firm on your side means you will fully understand how the laws apply to your situation. Below are some points to consider as you think about your divorce:
- As it is widely known, California is a community property state. This means that once a marriage has taken place, the property of both individuals becomes shared or community property. Any property or assets that are purchased or received throughout the marriage is community property. The marriage is considered valid from the date the marriage took place to the date of separation.
- When dividing community property, assets are typically divided 50-50. While this may seem straightforward, it can become very complicated. It is not always obvious what is community property, and the source of the funds for the property must be traced. Our firm is skilled at reviewing all aspects of your situation to help determine what may be divided and what may be considered separate property.
Assets That Are Subject To Division
During the course of your California divorce, each party will need to complete paperwork that lists all of your assets and debts, called the Schedule of Assets and Debts. It is essential that this is completed thoroughly and honestly, as any hidden assets or assets withheld from this listing will most likely be discovered at some point. Assets that are to be listed on the schedule and have the potential to be divided include:
- Primary residence homes
- Vacation homes
- Personal property, such as cars, jewelry, art, accessories and furniture
- Rental properties
- Closely held or family businesses
- Retirement accounts, such as IRAs, Roth IRAs and 401(k)s
- Other investment accounts
- Employee benefits, such as stock options
We work closely with our clients to ensure that they understand how these assets may be divided and how to protect the property to which they are entitled. Our attorneys can also discuss how property division and spousal support (alimony) affect each other as well as how they affect your case.