When it comes to marital property, many people find this to be a difficult point in their divorce. In the event of divorce, these matters become very important. – in fact, one of the biggest parts of divorce.
How Marital Property is Divided
Some states tend to follow the ‘common property’ rules. Many states, in fact, go by these rules to separate property. The common law system states that, property acquired by one spouse, will be owned solely by that person. This means that, if something is only in your name, it remains in your name even in divorce.
However, California does not follow these rules and they instead go by the ‘community property’ doctrines, which are lesser known throughout the U.S.
In community property states, this means that all assets acquired throughout the marriage are considered to be the property of the community. This means that all marital property is owned by both spouses equally, or 50/50. This applies to all property, including the property that you have acquired by earnings, all debts, and even the earnings themselves. When you and your spouse receive a divorce, the property will become separated and you will have to go through the difficult decision of who acquires what aspects.
Separate property only applies to items that were owned by one spouse before the marriage, property given specifically to one spouse, or an inheritance to one spouse. It is important to be able to make these distinctions moving forward because you must be prepared for anything when it comes to your divorce.
If you are going through divorce and you have questions, it pays to speak to an experienced attorney in your time of need. You don’t want to run into hardships through the divorce process. Call us today for more information on how we can help with your claim.