Under California law, marital property includes all property acquired during the marriage however titled, unless it is acquired by inheritance.
Property division in a divorce is when the assets, property and items of value are divided. California law requires that property is divided 50/50. Factors that come into play when dividing assets include:
· Income
· Housework/primary caregiver
· Emotional support
· Support of one during the education of the other
In most cases, the home is sold and the proceeds are divided. When one party wants to keep the home, they are required to refinance it in order to buy out the other party. Debts are also considered marital property and require payment by both parties.
If you are going through a divorce and your case involves marital property, you should obtain legal representation from an experienced and knowledgeable Orange County Divorce attorney who will answer all of your questions and discuss your legal options and rights with you.
