Division of Assets and Debts
One of the most contentious aspects of a divorce is property division. Because California is a community property state, any property acquired by the parties during the marriage is considered jointly owned by the parties. This can include real property, life insurance plans, retirement plans, fine art, furniture, etc.
Parties can agree on a division of property that accommodates both their needs, saving significant emotional and financial heartache. However if they are not able to do so, then the court will establish a plan to divide all assets and debts. Both spouses should be aware, however, that not all property is considered community property. Often, individuals have acquired a home or contributed to a bank or retirement account prior to the marriage and in most cases want to protect that property during a divorce action.
At Argyris Mah, LLP, we can explain your legal rights and responsibilities with regard to assets and debts and help you navigate through the process of dividing those assets and debts.