California is one of the several states in the U. S. that follows community property laws, which brings forth all sorts of questions 04about property and asset division. To put it simply, community property means that all assets which are collected during the length of the marriage become marital property, and are to be split equally in half between the two individuals in the case of a divorce.
What Gets Divided in a Community Property State?
The assets that are to be split during a divorce include income earned by both individuals during the length of the marriage, which also includes stocks and capital gains, as well as interest. On the flipside, all debts are also to be divided equally between both parties. Your home and any other property that falls under the umbrella of marital property are also to be divided under California family law.
This is why, for many, property and asset division is such a critical phase of the divorce proceedings. Nearly any type of asset or property becomes marital law and is “up for grabs” when the unexpected happens and individuals find themselves in a marriage that is rapidly headed towards divorce.
Protecting Your Assets in a Community Property State
That said, there are ways in which you can protect your assets even during the length of a marriage, mostly achieved by ensuring that you keep said assets and property separate from the marriage itself. For example, if you own property where you live with your family, it instantly becomes marital property. However, if you were to purchase a separate property where you are to live with your loved ones, the original property never entered into the union and cannot be seized from you during the asset division phase of your divorce proceedings.
This is just one method that enables you to protect your assets in a community property state. A skilled divorce attorney can further elaborate on this, as well as provide in-depth legal advice based on the specifics of your circumstances. When it comes to property division and other divorce matters in California, your best bet is to consult with a qualified legal professional.
Are you considering a divorce, or do you have any other questions about asset/property division in California? We at the R & S Law Group are here to provide you with our legal expertise. Call us today to speak with a skilled divorce and family law attorney, and to schedule a free initial consultation.