During a divorce proceeding, one of the most tedious and time-consuming parts of the entire experience involves property division. Property division is how the couple or a judge decides which spouse gets what. Depending on the state in which you live, property division comes in one of two forms: equitable division and community property.
Most states use equitable distribution. When people divorce in these states, all property they acquired during the course of their marriages are divided between the spouses in a fair and equitable way. There are no set rules on who receives which type of property and how much goes to which spouse. The court considers a number of factors before making a decision, including the earning potential of both spouses, the earning contributions of each, and the value of one spouse staying at home and raising the children.
California is a community property state. In a divorce, spouses are deemed to equally own all income and assets earned or acquired during the marriage. Even if only one spouse is employed, the other spouse is entitled to half of all income earned by the working spouse during a divorce. Likewise, all property acquired by a spouse with community money is deemed to be owned equally by both spouses. Equal ownership also applies to the debts of both spouses, regardless of who acquired the debt.
If you’re thinking about a divorce, don’t hesitate to give me a call. As an experienced Westlake Village divorce lawyer, I have the skill and knowledge it takes to guide you through the divorce process. I have more than 30 years of experience to offer your case. Let me see how I can help you achieve your legal goals.
Contact me at (805)633-4999 or fill out my online form to schedule a free initial consultation today.