Los Angeles Divorce Lawyer and Property Division Attorney Discusses the Difference Between Community and Separate Property
The division of property is one of the most dubious components of a divorce settlement, which is why you should make certain to work with a reputable and assertive Los Angeles Divorce Lawyer and property division attorney during your divorce. As you may be aware, upon divorce, most property obtained during the marriage becomes eligible for division regardless of who purchased the property. However, there are several exceptions to the notion that the marital estate gets split 50/50 in a divorce and your Los Angeles property division lawyer can help you preserve as much of your hard-earned property as possible.
What is Community Property Under California Law?
California is one of a handful of states maintaining community property laws. Community property is defined as any property acquired during the marriage and before the date of separation. Absent any agreement to the contrary (e.g., a prenuptial agreement), community property is subject to a 50/50 split by the court. In other words, the spouse wishing to remain in the marital home may have to buy out the other spouse’s 50 percent share. The same goes for valuable assets like jewelry, cars or collectibles.
Are There Exceptions to the 50/50 Split Rule?
Of course. As mentioned earlier, property may be excluded from the marital estate either by a prenuptial agreement or marital agreement (i.e., agreement reached during the marriage). Moreover, some property acquired during the marriage is considered outside the marital estate regardless of any standing agreements, including:
- Rent or profits of any property excluded from community property
- Earnings or acquisitions of a spouse after separation
How Are Debts Handled During a Divorce?
It is not uncommon for debts to become a pivotal issue for parties during a divorce. Much like assets and property, debts acquired during the marriage become subject to an equal division by the court, unless the parties agree to an alternative arrangement.
Contact a Reputable Los Angeles Divorce Lawyer and Property Division Lawyer Today
For assistance with your divorce and division of marital property, contact a Los Angeles Divorce Lawyer and property division attorney right away. For an appointment, call the Law Offices of Cathleen E. Norton at (310) 300-4021.