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California Divorce: The Division Of Property, Assets And Debt

One of the most potentially contentious issues in a divorce is the division of assets and debts. I am a Sanoma County divorce attorney. I founded my firm, Challoner Law, in Santa Rosa to represent clients in their California divorces.

The outcome of the division of your property will determine your financial situation for the near future, and I understand how much this will impact your life. When it comes to marital assets, I will carefully evaluate the assets you and your spouse hold. Then, I will advocate on your behalf and make sure that you are treated fairly and your interests are protected. I am committed to zealously protecting your interests.

Understanding Community Property Versus Separate Property

California is a community property state. This means that anything acquired during the course of the marriage is considered community property and shared between the couple. This includes anything purchased with community earnings or income earned during the marriage. This property is to be divided equally between the two if they divorce.

This seemingly straightforward rule is quickly complicated by various types of assets, properties and obligations. Some exemptions from these divisions exist, including inheritance received by one of the spouses or profits from that inheritance. This is typically considered separate property. Other very specific business holdings and interests may also be considered separate property. Any and all exemptions, however, should be directed by a skilled divorce attorney.

Key Facts To Know About Property Division

As you move forward with your divorce, there are important considerations when it comes to the division of your assets and debts. Here are a few important points to keep in mind:

  • Property division can affect child support and spousal support: The outcome of your property division proceedings also impacts other facets of the divorce, including spousal support and child support. While much of this is guided by a preset formula, I will oversee this process to protect your interests and make sure that you are treated fairly.
  • Comingling of assets: When separate property is mingled with community property, things can get tricky. If an exempt inheritance was transferred into a community checking account and commingled, then any property that was purchased with those funds might be considered marital assets. Disputes can arise regarding whether that property will revert back to the heir. An experienced asset division attorney can help you trace these funds.
  • Businesses as community property.: Certain other assets are likely to be called into question, including the division of a business or business interests. While a business or professional practice is generally considered community property, in specific situations, certain business holdings are exempt from the division.
  • The equitable division of debt: Many couples must consider the division of credit card debt, mortgages, medical bills, student loans and other forms of debt as part of their divorce. For some families, this involves the timing of the divorce in relation to a potential bankruptcy.

The longer you have been married, the more complicated the division of assets and debts can become. Whether you are getting divorced after a few years of marriage or are pursuing a divorce later in life, I can help you negotiate a resolution to issues surrounding the division of assets or represent your interests at trial if necessary.

Consult A Santa Rosa Asset Division Lawyer

To arrange an initial consultation with me for the division of assets and debts, please contact my California law firm today by calling 707-362-8209 or sending an email. I am here to help.