Property Division is an important part of divorce process. In California there is a presumption that all property acquired during the marriage is community property. Parties to a marriage make up the “community,” so all property acquired during the marriage is presumed to belong to both parties equally. However, there are many exceptions to this presumption and the rules are very technical. You may have owned property before the marriage, or received an inheritance during the marriage. Perhaps the house title is only in one of the parties names. Did a 3rd party give money for a down payment on a property?
Property division is not limited to real property, it also includes (but not limited to):
- Household furniture and furnishings
- Savings & checking accounts
- Life insurance policies
- Retirement accounts
- Profit sharing
This is just to name a few.
Debts in Property Division
The division of property also includes debts.. If a debt was incurred during the marriage, it is presumed to be community debt that both parties are liable for regardless of who made the purchase. It is important to identify the existence of any possible property issues at the initial stages of your case. At Denham & Britt, LLP we have experienced in the technicalities of property division.