Divorcing couples are free to divide their property in whatever way both parties feel is fair. Until the property division is confirmed by the court, both spouses retain ownership in all marital property. California community property law requires that all property and debt that were acquired during the marriage are divided equitably in the divorce process. At Cianci Law, PC, our property division attorneys in Roseville help clients identify and divide marital property and debts.
The first step in property division is to list all marital property, assets, and debts. In addition to marital property, all separate property should be listed. If you can show that certain property is separate from the marriage, was owned prior to the marriage, or there is a written agreement that the property is separate, that property will not be divided.
Marital property may include the following, and more:
A Schedule of Assets and Debts (Form FL-142) can be used to list all assets and debts, including community property and separate property. It is important to be honest when disclosing all property and not attempt to hide assets. The penalties for hiding assets can be high, so it is always better to be honest in all disclosures.
In addition to assets, marital debts must also be divided. This can be tricky, as many creditors do not allow parties to divide debt in half. Often, both parties remain liable for the whole debt, even if there is an agreement that each is responsible for half of the marital debts. There are ways to fairly divide debts that were incurred during the marriage. Our property division lawyers in Roseville can evaluate your situation and advise you of your options.
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