One of the most serious fears people have when getting divorced is how they will fare financially. They can be understandably concerned with what they may stand to gain or lose in a divorce.
These fears and concerns can be overwhelming for people who are not familiar with family laws in California. It’s not unusual for people to be misinformed or misled about property division, especially when there are so many horror stories in the media involving spouses who lost out on millions of dollars in a divorce. In order to alleviate some concerns regarding how assets can be divided, we will look at some of the basics of this process.
California is a community property state; this means that all marital assets and debts are owned equally by the couple, or the community. In the event of a divorce, community property will be split down the middle and distributed to each spouse.
But there are a number of complications and questions that can come up during this process. To begin with, there may be disagreements about whether something is separate or community property. There can also be concerns about how an asset is valued. In some cases, a spouse may even try to hide assets in an attempt to shield them from being divided.
However, in many cases, these disputes are minor and can be resolved fairly easily. In fact, many divorcing couples are able to avoid courtroom battles altogether and only need a judge to sign off on the settlement they have reached on their own.
Property division can be one of the most difficult aspects of a divorce, and the people going through a split can be overwhelmed by their emotions and confused by all their options. This is where the support and guidance of an attorney can prove to be quite valuable. Navigating the legal system can be complicated, but an attorney familiar with the process can help Californians get through the process and protect their rights.