Navigating a divorce can be difficult, especially when it is dragged out to be a lengthy and expensive process. One of the most stressful parts of a divorce is the division of property. If you do not have a nuptial agreement, you will follow state laws regarding property division during a divorce.
Dividing Property During Divorce
In California, any property acquired during the marriage is considered community property. It will be split evenly. Here are some things to know about dividing property during a divorce.
· Property Owned Prior to Marriage: Any property owned before the marriage is not part of the divorce as long as the other party was not brought into the contract during the marriage. This includes an apartment kept in the city or an investment property.
· Gifts or Inheritance: Gifts or inheritance are not included in the division of property. For example, if your grandparents leave their home to you, you do not have to include that home in the divorce proceedings.
· Property Acquired After Separation: Once you legally file for separation, any property in your name after separation will not be up for grabs during your divorce. Consult with your lawyer before acquiring new property during a divorce. You do not want to make a mistake on the timing.
The court is always open to both parties deciding on a compromise regarding splitting property. For example, you can choose for one party to take full ownership of a lake house if the other party gets the primary home. If the division is over one property and part of the family will continue living there, you can divide equity on the home during the divorce process.
Remember that a judge will review any agreed-upon division of property to ensure it is fair. Even if you and your ex-spouse come to an agreement, the judge has the freedom to change the terms before making it official.
Call a Trusted Team
It’s never easy to sort out all the details during a divorce. Call Miles & Hatcher, LLP, to make the process as seamless as possible. Call for a free consultation at (909) 481-4080.