If you are embarking on a California divorce, it is important that you understand the state-specific laws in place. These laws can have a far-reaching impact on your finances for years to come. Therefore, it is important that you understand how they apply to your divorce.
One of the key points to observe is that only assets considered to be marital property will be subject to division. This means that you need to be very conscientious when classifying different assets and planning for how they will likely be divided.
What assets are classed as marital property?
Marital property is generally defined as assets acquired during the marriage. There are also some assets that are typically not considered marital assets even if they were acquired during the marriage. These include gifts and inheritance assets received by one spouse, and any income earned from property that was acquired before the marriage.
How will marital assets be divided?
California, unlike the majority of states, is what’s known as a community property state. That means that marital property is divided equally in a divorce if the matter is decided by a court. A couple may decide on a different way of dividing their assets and debts, however, if they work out an agreement on their own, with the help of their attorneys.
It’s essential to understand how community property law works here in California, even if you are so far only considering divorce or believe that your spouse is. Your attorney can provide valuable guidance and help you work to seek a fair division of property.
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