The division of property is usually a paramount issue during the divorce process. It is helpful for divorcing couples in California to know, understand and be familiar with the rules concerning this process in California so they can anticipate how their property division concerns will be handled and property divided.
California is considered a community property state, which means that marital property is owned jointly by the spouses. This can have a significant impact when property is being divided during a divorce. Marital property includes property and assets acquired during the marriage. This is important because marital property is subject to the division process but separate property is not. Examples of separate property can include worker’s compensation benefits or personal injury awards, inheritances and gifts and property one spouse entered the marriage with.
Specific examples of property that may be divided during the property division process include a family home, vehicles, boats, land and real estate, business investments, stocks and bonds, retirements and other marital property. This can be a challenging process, which is why it helps to know what to expect, how property is categorized and the impact of how it is categorized can cause. Trained guidance throughout the process can also be useful to ensure the divorcing spouse’s interests are protected.
The property division process can be negotiated between the spouses or can be conducted with the family law court’s help if the divorcing spouses cannot agree on a fair division of property. No matter how the property division agreement is reached, it is helpful for divorcing couples to know how property division is handled in California.