The division of property and debts is often the most difficult and contentious part of a divorce or legal separation. Typically, unless a pre-marital or post-marital agreement was drafted between the two spouses, California’s community property law will apply. Under community property laws, every asset or debt acquired during the marriage, with some exception, will be split evenly between the two parties. Pre-marital and post-separation acquisitions of property and debts must be awarded to the spouse acquiring the asset or debt. Although these are the general rules, there are numerous exceptions that the parties must be aware of in order to ensure that his or her property rights are being preserved.
Assets that must be divided and awarded include the family home, other real property, vehicles, bank accounts, retirement accounts, stock, stock options and personal property. Debts that must be divided and assigned include credit card debts, home mortgages, personal loans and student loans. Although a 50-50 division of assets and debts may be required, this is often impractical or impossible due to the nature of most property. Thus, valuation of the property and alternative methods of division may be necessary.
A major issue in the division of assets is asset concealment. If you are believe that your spouse/partner is hiding assets, you should immediately seek legal advice to understand your possible remedies. The Law Office of Nicole Aeschleman is experienced in handling asset concealment cases and can meet with you to discuss your options.
At the Law office of Nicole Aeschleman we have experience with navigating clients through the property division process, and can help ensure that your assets and property rights are secured. Contact us today for a reduced rate full one-hour consultation to better understand your legal rights.