Dividing Community And Separate Property In California
One complicated issue you and your spouse may face in a Bakersfield divorce is the division of your assets and marital property. Whether you have significant assets or debts, were only married a year, or had a 25-year marriage, it is important to know your rights and to protect your financial interests at the time of divorce. What we offer is strategic support for your needs as a client. Our goal is to help protect your assets.
Call us at 661-520-5214 or contact us by email to schedule a free consultation. We are attorneys that offer the legal support and guidance you need to protect your rights, your family and your long-term interests.
How Are Assets Divided In A California Divorce?
In California, there are three steps to dividing marital property after divorce:
- The property must be characterized as separate property or community property.
- Depending on the type of property, it must be valued.
- Property identified as community property will be equally divided.
Property division in California begins with identifying what belongs to the marriage and what belongs to each spouse alone. Community property generally includes assets and debts that either spouse acquired from the date of marriage to the date of separation. That can include wages, bank accounts, vehicles, real estate, business income and credit obligations, even when only one spouse earned the money or signed the account. Separate property usually includes assets or debts one spouse had before marriage, gifts or inheritances received by one spouse, and items acquired after separation.
Some property is not easy to classify. A home bought before marriage may gain value during the marriage. A business started by one spouse may grow through marital labor. An account that once held separate funds may later include shared income. In those situations, the issue may not be whether an asset exists, but what portion belongs to the marriage and what portion belongs to one spouse alone.
Debts require a similar review. A loan, credit card balance or other obligation taken on during the marriage may become part of the marital estate. A debt from before marriage or after separation may remain with the spouse who incurred it. The court may also review why a debt arose and whether it benefited the marriage. Once the parties identify and value their assets and liabilities, the court can divide the shared estate as part of the divorce process.
How the Law Office of Michael L. Seidman looks out for your best interests
We do not want you to walk away from divorce with less than the proper share of what is yours. Our representation involves helping to identify and characterize your property, seek out hidden assets, and pursue the share of the estate that belongs to you during divorce.
As attorneys who handle these kinds of matters on a daily basis, we know how to resolve cases that involve significant assets. This may include:
- Retirement accounts: Pensions and 401(k)s may need review to identify the marital share.
- Real estate: Homes and land can require valuation to support an equal division.
- Business interests: Company ownership may call for analysis to determine present value.
- Hidden assets: Undisclosed funds can warrant tracing to locate missing property.
These assets can affect more than the final settlement. They may also shape your long-term security, your housing options and the resources available after the case ends. Careful review can help reveal what exists, what it is worth and what claims each spouse may raise. Our approach is strategic – meaning that while we focus on resolving your case through settlement, we are prepared to take your case to trial.
Protect Your Financial Future With A Kern County Divorce Attorney
For more information, or to speak directly with a family lawyer, call us at 661-520-5214 or send an email. We are located in Bakersfield, California, and offer free consultations. We serve clients in Kern County and throughout the Southern Central Valley.