Couples going through a divorce must determine how to divide their property and debts, also known as their marital assets.
If a couple cannot manage the division of their marital assets alone or even with the help of a family attorney, they will end up having the court divide it for them.
Community Property vs. Separate Property
Under California’s community property laws, assets and debts acquired during the course of a marriage by either spouse are considered community property and belong equally to both spouses. Upon dissolution of the marriage, all community property will be divided equally amongst both spouses.
Property or debt that is acquired by one spouse prior to the marriage, or acquired by a gift or inheritance during the marriage, is considered separate property. Separate property belongs solely to the spouse who acquired it upon divorce.
A family attorney will look at all the properties of the parties to determine what is community property and what is separate property.
Steps in Dividing the Marital Assets
Regardless of whether the division is handled by the court or the parties, there are important steps to the process:
- Labeling the property or debt as either community or separate property
- Valuing the marital property
- Deciding how to divide the property
Dividing Your Marital Assets Efficiently
At Zonder Family Law, we can help you divide your marital assets as efficiently as possible. For more information, or to schedule a consultation with an experienced Los Angeles or Ventura County family attorney, call (818) 309-7059.