San Jose Property Division Lawyer
When it comes to splitting assets in a divorce, each state is different. For example, California and several other states are community property states. This means that everything earned and acquired during the marriage is the property of both spouses. They share the money and assets equally.
What this means is that in a divorce, assets are also split equally. Property division in California may seem easy because it appears as though everything is split 50/50. However, that is not always the case. There are nuances and other elements to consider. Contact a San Jose property division lawyer from Argyris Mah, LLP for help splitting assets in your divorce.
Key Considerations in Dividing Property
Here are some key points regarding property division in a California divorce:
- Community property. Generally, assets and debts acquired by either spouse during the marriage are considered community property, regardless of who earned or incurred them. This includes income, real estate, vehicles, investments, retirement accounts, and debts.
- Separate property. Assets and debts owned or incurred by a spouse before the marriage are considered separate property and are not typically subject to division in divorce. So are gifts and inheritances received during the marriage that are kept separate. Keeping them separate is key. Commingling or mixing separate property with community property can complicate matters.
- Division of assets. California law presumes that each spouse contributed equally to the accumulation of community property during the marriage, regardless of actual financial contributions. As such, community property is usually divided equally in divorce, unless the spouses agree otherwise.
- Equitable distribution. While the default is equal division, the court has the discretion to divide assets and debts unequally if this is determined to be fairer overall. Factors such as the earning capacity of each spouse and the duration of the marriage may influence the court’s decision.
- Complex assets. High-value assets, businesses, and investments, and professional practices can complicate property division. Valuing and dividing these assets may require the assistance of financial experts such as forensic accountants or business valuators.
- Prenuptial agreements. Spouses may have a prenuptial agreement that outlines how property will be divided in the event of divorce. If valid, a prenuptial agreement can override the default rules of community property law.
- Settlement agreement. Spouses have the option to negotiate a settlement agreement regarding property division outside of court. If both parties agree on how to divide their assets and debts, the court will generally respect their agreement.
Contact Our San Jose Property Division Lawyers Today
Property division laws can be complex, as there are many variables involved. While the default is a 50/50 split, there are some nuances and exceptions.
A San Jose property division lawyer from Argyris Mah, LLP can help you understand the laws that apply to your case. Make sure you get all you are entitled to receive. Schedule a consultation by filling out the online form or calling (408) 214-6366.
