Division of Assets
Carlsbad Division of Assets Attorney
Let Us Protect Your Rights and Assets
California is a community property state. Community property is any property that is obtained during the marriage (with some exceptions). This includes your paychecks, vehicles, real property, debt, school loans, etc. Each spouse is entitled to 50% of all marital property. Being able to properly categorize assets and determine their value is a critical part of the divorce process. We are here to assist you in understanding the category of each of your assets and determining their accurate value.
If you or your spouse are considering a divorce or unable to come into agreement, contact us today at (858) 933-4511 or complete our online form to schedule a consultation and learn more about how we can help.
Community Property Division Following Divorce
Under California Family Code Section 2500, property division after a divorce is based on the idea of community property. Community property means that property, income, debts, and assets procured by either spouse during the marriage are considered to be owned by both of them until the end of the relationship. In contrast, a person is typically entitled to keep their separate property, or that acquired before the marriage began.
Examples of assets that are considered to be community property include:
Homes or apartments
During a property division case, it is the responsibility of the spouse challenging ownership of the community property to show evidence that the belongings should actually be considered as separate property. That is where we come in – our team of attorneys can help you fight for what is rightfully yours. In instances where there are unclear or incomplete records of financial statements, we can retain a forensic accountant to fully value assets.
If you are facing a divorce and need assistance with property division, contact the Carlsbad attorneys at Apogee Law Group, LLP to help you manage an equitable division of property. To learn more, read our FAQs below.
Division of Assets FAQs
What is the Difference Between Separate Property and Community Property?
Community property is anything acquired during the marriage. Separate property is anything acquired before the marriage or after separation, or during the marriage through gift or inheritance. The categorization of property may also be changed through transmutation (an agreement between spouses to reclassify the property).
Who Gets to Keep the House?
The marital home is usually the biggest asset owned in a marriage and thus is causes large controversy on who gets to keep it.
Who Has to Pay Our Debts?
In order to determine who gets stuck with the bills follows the same process as who gets to keep the case in the accounts. It must be determined whether the debts are separate property or community property. If you rack up a bunch of credit card bills before you get married, that debt is separate property and you will be responsible for it. If the credit card bills were incurred after the marriage and before separation, the debt is community property and each party is responsible for the debt.