Understanding Property Division And Community Property Law
Property division is frequently one of the most highly contested parts of a divorce proceeding. As a community property state, California law requires that all marital property be divided equitably between the spouses. As a rule of thumb, marital property is considered any asset or debt that was acquired during the course of the marriage, other than gifts or inheritances.
Anything owned by the spouses prior to the marriage is considered separate property and generally is not included in the distribution. However, there are many exceptions and ways in which property can "change character" from separate to community or from community to separate. There are complex laws about reimbursements, credits, and other ways a party can have an "interest" in an asset.
In many cases, the biggest challenge in property division cases is determining what is community property and what is separate. Be sure that you have an attorney who will fight for your rights and work to obtain the best possible property agreement available. At Parranto & Applegate in Santa Rosa, we help clients to resolve all types of property division disputes during divorce.
Always Seeking The Best Possible Outcome
When you hire our firm, we will help you with property characterization and the required financial disclosures, and will help you decide where to compromise and where to stand firm.
Once the marital property has been identified, the next step is to assign a value to each asset and divide them fairly between the spouses. We consult with valuation experts and other specialists who can help us determine the value of real property as well as retirement accounts, stock options and other financial assets. We can also advise you about possible strategies for dividing assets that could be more beneficial to you in the future.
Contact Our Lawyers For A Consultation At A Reduced Rate
Contact our office today to discuss your property division questions with a lawyer. We are available during regular business hours and by appointment at other times. You can reach us by phone at (707) 573-8868 or via email.