During your divorce proceedings, the court must somewhat divide up all the assets held by you and your spouse to fully dissolve the marriage. They need to determine which assets fall under separate and community property. Then, they will leave the separate property with the rightful owner and divide up the community property evenly. Wondering how this works? Let’s take a look.
Separate Property vs Community Property
In general, separate property refers to any assets acquired prior to the marriage, including vehicles, real estate, and retirement accounts. Assets acquired after the legal separation from your spouse also qualify as separate property. Additionally, assets received through inheritance or as personal gifts remain separate, as do any assets protected under a valid prenuptial agreement.
On the other hand, community property reflects all the items acquired together during your marriage. Even income earned while married counts along with any assets bought with that money. The only exception to that rule is if you’re earning income from real estate purchased before getting married. If you decided to add your spouse’s name to the income-earning asset, however, it’s community property in the end, including all proceeds.
How the Court Handles the Division of Property
All separate property remains exempt from division during divorce. Only actual community property assets get divided up between you and your spouse. The judge will leave the separate property in the hands of the official owners. Then, they’ll split up the community property 50-50 to complete this process.
The division of community property can become highly complex. In many instances, the court will award each spouse a percentage of a property’s value, which may require you to sell the asset or buy out your spouse’s interest to resolve the matter. Retaining an attorney experienced in complex property division can be essential in these situations.
Your lawyer can help guide you through this process from beginning to end. They’ll offer their guidance and expertise as needed to assist in your navigation of each step. You can then complete all the court requirements efficiently and move forward with your new start.
Have Any Questions About Dividing Up Assets During Divorce?
If you’re wondering how your assets will get divided up in court, you can get your questions answered by our team at Mohajer Law Firm. As your premier attorney in Greater Los Angeles County since 2012, we are well versed in how the courts handle the division of property during a divorce.
We are available to schedule a free initial consultation to discuss your case. We will meet with you one-on-one to conduct a comprehensive review and evaluate which assets are likely to be designated as separate or community property. Please feel free to contact us at your earliest convenience to set up an appointment.