The temptation in a divorce is to let your spouse take what they want so the whole thing ends sooner. It is an understandable instinct and an expensive one, and talking to a division of community property attorney before you act on it costs you nothing but a conversation.
Property and assets are often the most hotly contested part of a divorce. We urge you not to concede that ground without careful consideration of what you are giving up.
Understanding Community Property
Contrary to popular belief, the fact that California is a community property state does not mean that everything a married couple owns will be divided 50-50 in the event of a divorce. Only community property will be split equally. Other types of property may be treated differently. So, before you even start to think about how your community property will be divided when your marriage is over, it’s important to understand what actually qualifies as community property.
Community property includes any property, debt, or income acquired during a marriage, with the exception of gifts and inheritances received by one spouse. Assets and debts acquired by one spouse before the marriage are considered separate property, as are any earnings from separate property or items purchased entirely with separate property assets.
When separate assets are used to purchase a shared asset, such as a home, matters can begin to get complicated. It may take help from a forensic accountant as well as a divorce attorney to determine how much each partner owns in a commingled property.
Why You Need an Attorney
There are several reasons it is in your best interests to enlist a divorce attorney to help you with division of community property:
- We can help you understand your rights and obligations when it comes to property division and prevent you from giving away your right to money, property, sentimental items, and other valuables without cause.
- We can help you determine your share of the value of commingled property.
- If you are drafting your own asset division agreement, we can help you submit it to a judge. Court approval is necessary for making the agreement enforceable.
- If your divorce is going to be litigated, we can make sure the judge has all the accurate information they need to make a fair decision on your community property.
- If a pre-nuptial or post-nuptial agreement affects your asset division, we can explore the possibility of challenging it, or protect it against challenge by your spouse.
Call Now for Superior Quality Representation
At The Law Offices of Alejo Lugo & Associates, we are dedicated to protecting our clients’ interests every step of the way. You can rely on us to listen carefully to your needs and priorities and then provide personalized representation geared towards helping you achieve your goals for the fair and equitable division of community property. Whether you plan to resolve your divorce in mediation or litigation, we are here for you with aggressive and caring representation in English or Spanish. Call us at (800) 497-0018 to schedule your appointment.