Over the course of divorce proceedings, the parties will have to determine how property will be divided. In general, parties will have to divide both assets and debts acquired over the course of the marriage. Parties may also have assets to characterize as community or separate property prior to their division. F&R Law Group helps guide clients through the division of community property and ensures separate assets remain protected. We strive to achieve equitable solutions that allow clients to move forward with their lives with some security.
There are some cases in which one spouse maintained control over the marital estate including assets and debts during the marriage. This might leave the other spouse in the dark about the existence of assets or liabilities, leave them without access to resources, and leave them feeling vulnerable. All of this can be addressed with a comprehensive property division plan, including using certain legal tools to locate and identify assets and debts.
In the state of California, there is a presumption that property, including debts, acquired during the course of the marriage should be equally split following a divorce. Property acquired prior to marriage, after separation, or by gift or inheritance is considered separate property of the receiving spouse and is not typically subject to an equal division. For example, spouses may own property they kept separate during the marriage. In this case, that separate property would not go through the division process, so long as it remained separate throughout the marriage. That is why having legal representation is crucial during this time. Our firm helps clients determine which property should be retained, the value of the property, and what is a fair and reasonable division of the property.
The following assets may have to be valued and divided between spouses fairly:
Parties may wish to negotiation for certain items they want to retain. Other times, parties agree to sell items and split the proceeds equally. There is a lot of room for creativity in reaching an equitable division of assets and debts, something our attorneys can guide you through.