When going through a divorce, the division of property is one matter to be resolved between you and your spouse. The way that this is handled varies by state and in California there is a method of dividing community property and separate property. Other states use equitable distribution methods, where property does not necessarily need to be split equally. California determines what the marital property is and that is then split equally between the spouses. The intention is to create a 'clean break' and divide property right down the middle and eliminating joint property ownership. When it comes to separate property such as inheritance, gifts, property owned before the marriage and separate business, that property stays with the owner. The property that is considered community property in California includes:
- Any and all earnings acquired during the marriage
- Any and all things acquired during the marriage
- Any and all debts incurred during the marriage
- Retirement and benefits that occurred during the marriage
- Interests in pension during the marriage
The debts that may need to be divided are any unpaid credit cards, car loans, mortgage loans etc. When it comes to businesses and earnings from businesses, the split can become complex. Separate businesses owned prior to the marriage are considered separate property, but if the business increases in revenue and value during the marriage, the increase is marital property. Also, when it comes to purchasing property, property bought with separate funds remains separate. Oftentimes; however, property can be purchased with a combination of joint and separate funds, which makes the property division more difficult. For assistance in your divorce and property division matter, seek representation from a Pasadena divorce lawyer from our firm. The Law Offices of Makupson & Howard has more than 30 years of experience when it comes to family law and divorce, contact us today for the counsel that you need!