Property division in divorce can be overwhelming and confusing. Property includes cash, bank accounts, homes, cars, furniture, pension and retirement accounts, life insurance, etc.
Community Property
California is a community property state. This means all property, assets, and debts acquired from the date of marriage to the date of separation belong to both parties. When dividing these, you will want to have a consultation with a financial adviser, attorney, and/or real estate broker to determine proper value, etc. Hence, while it is still going good and if there’s no turbulence in the marriage, you can invest a part of your assets for the time that follows your prime.
Separate Property
Separate property is all property, assets, and debts you had before you were married, or if you received them as an inheritance or as a gift while married. This stays with the person that had them prior to marriage.
Sometimes different documents need to be drafted for particular types of property, for example a Qualified Domestic Relations Order (QDRO) for retirement accounts and pensions. If the home that is shared will still be used by one party, then a fair market value estimate will need to be obtained to determine the buy-out amount.
San Diego Legal Documents has expertise and resources in these areas to assist our clients with a smooth process of transitioning through a divorce without spending tons on attorney fees. Please contact us if you would like more information or would like to set up a complimentary consultation.
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