Before a divorce can be finalized, couples must reach agreements concerning the division of property. If a decision cannot be reached, the dispute will be taken before a judge. California is a “community property” state, meaning all “community property” assets are to be distributed equally between spouses upon a divorce. While this may seem straightforward, it can be one of the most heavily disputed areas during the dissolution of a marriage. For instance, issues related to the time of acquisition, the form of title, and the source of property (or the funds used to acquire it), may all affect the determination of that is “community property.” Whether you are seeking resolutions through mediation or litigation, our Newport Beach divorce attorneys can work to see that you receive your fair share of marital assets.
Do you have a question about how property may be distributed during your divorce? Request a free phone consultation with our firm and get the answers you need.
The division of property is a multi-part process where all assets are classified as either community or separate property (or both), valued, and divided between spouses. In a divorce, only community property is distributed equally. In California, assets which are acquired, earned, or jointly contributed to during a marriage are generally considered to be community property as defined under Family Code § 760.
The state also provides legal definitions for what may qualify as separate property under California Family Code § 770 and are as follows:
(1) All property owned by the person before marriage.
(2) All property acquired by the person after marriage by gift, bequest, devise, or descent.
(3) The rents, issues, and profits of the property described in this section.
(b) A married person may, without the consent of the person’s spouse, convey the person’s separate property.
The division of assets can be complex and when disputes occur, it is important to have an effective legal advocate from our firm in your corner. At Holstrom, Block & Parke, APLC, we possess an in-depth knowledge of the laws that regulate the division of assets in California and understand how they can affect other aspects of divorce.
Together, our legal team holds more than 200 years of collective experience and includes multiple Certified Family Law Specialists. While a divorce can put you under enormous financial and emotional pressure, our Newport Beach divorce attorneys can help guide you through every step of the legal process.
Our firm is dedicated to helping clients find legal solutions that minimize the stress and uncertainty involved in a divorce. Contact us today.