How do You Divide Property and Debt During a Divorce?

How do you determine how property and debt is divided during and after your divorce has been finalized? What happens in regards to your marital home? Unfortunately, it is not easy to see the answers to these seemingly simple questions when you first enter into the divorce process. This is why it is always a good idea to have an attorney on your side through it all. But, to make it easy, we can answer some of your burning questions today.

Distinguishing Between Community and Non-Community Property

You may wonder how you distinguish between the two, and we have answers! Community property, first and foremost, is all earnings during the marriage as well as everything you bought with those earnings. This includes debts. Separate property, on the other hand, are all the gifts and inheritances that one spouse receives. If property was purchased with the separate funds of a spouse, then this will remain as their separate property. However, if the property has been comingled with another within the marriage, it could essentially become community property.

Who Stays in the Marital Home? 

Usually the parent who provides the primary care of the children as well as spends the most time with the children will remain in the marital home. If the house is separate property to just one spouse, however, they could ask the other spouse to leave. If there are no children involved, this is usually where these situations become tricky. You can’t require that one person leaves, which may leave you both in an uncomfortable situation. You should always consult your attorney on the best option depending on the circumstances, but should never lie about anything just to get your spouse removed from the home.

Property and Debts at Divorce: What Happens?

Usually, this will happen when the spouses talk to one another in mediation or outside of court. However, if nothing is agreed upon, then it will end up in court. In California, all property and debts are considered to be community property. This means that it will most likely be divided equally between the spouses.

It is important to remember these aspects when you are going through a divorce, because we understand how much it means to you. We are here for you when you are going through a divorce and worry about your property, debts, childcare matters, home, and more. These are all things to consider in your time of need, so call us today.