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 all your assets before getting married, including vehicles, real estate, and retirement accounts. Assets acquired after the separation from your spouse qualify as separate property. In addition, assets given to you through inheritance and gifts from friends stay separate. All assets protected under a pre-nuptial agreement remain separate, too.
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 get complicated, however. In many cases, the court will award each spouse a percentage of the property’s value. After that, you may need to sell the asset in question or pay your spouse the owed amount to release their interest in the property.
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’re always available at 626-569-5200 to set up a free initial consultation to discuss your divorce. We’ll sit down you with one-on-one to review the case in full and go over what’s likely to fall under the separate and community property designations. If that sounds like what you need, please feel free to reach out at your convenience to set up an appointment.