Marital Property Divisions During a Divorce in California
In conjunction with the emotional concerns that can arise during a divorce, your economic situation is undoubtedly going to be of chief concern throughout your case. Therefore, it is important to understand the ways in which marital property can be divided and what your personal responsibilities are with respect to each property ruling. An attorney who is knowledgeable in the area of Los Angeles family law can advise you with regard to the specifics of your case.
In the state of California, there are generally three types of property in a marriage: community property, quasi-community property, and separate property. Community property is divided right down the middle between the spouses, but keep in mind that some things, such as a house, are not capable of an even split. Fortunately though, there are laws to remedy that issue. In the majority of cases, the market value of your community property will determine its division. Both spouses are entitled to half the market value of the whole community estate, and the court will proceed based on that total value.
You should also be mindful that when it comes to assigning market values and deciding who will take what piece of property, neither spouse has an inherent right to claim half of any specific asset. In the case of larger assets, such as a homes or vehicles, both spouses will be awarded appropriate amounts by the end of the process. Your Los Angeles family lawyer can help ensure that you are receiving your fair share with regard to the assets as issue.
Of further note is the fact that quite often, due to credit issues or simply spousal pressure, many married couples have their home titled under one person’s name. However, California law does not give an advantage to the title bearer and still considers the home community property. If you are in this situation, you should definitely discuss this issue at length with your lawyer, because it can be somewhat of a grey area under family law. If you believe that you would benefit from the services of a South Bay family lawyer, please call CalDisso at (310) 540-2515 for a free consultation.