Fair Property And Debt Division During Divorce
One major part of divorce is the process of dividing property, and every state has different statutes to determine the best way to do so. At Harris and Fraser in Burlingame, we have managed these and other difficult legal problems for over 25 years, and we understand how debt and property are divided in California. As you go through the difficult process of ending a marriage, we are dedicated to finding a way to have your property divided fairly to set you up for a better future.
What Is Considered Property And Debt?
In California, property is anything that you could buy or sell, and anything that has value. This could include any of the following: life insurance with cash value, pension plans, residences, automobiles, clothing, furniture, businesses, patents, cash and bank accounts. While a prenuptial agreement can help you avoid some of the issues that are common with property division during divorce, there are situations that render a prenup unenforceable, so it is a good idea to meet with an attorney before trying to divide your assets and debts.
Because California is a community property state, any domestic relationship registration or marriage makes the couple one legal community. This means that any property you acquired during your marriage is split equally between you and your ex. Separate property refers to anything you or your spouse acquired before the marriage or any gift that was given to only one of you. Any debt that you accrued while together is also considered community debt and is usually divided the same way.
Along with community and separate property, there may be issues such as mixed community property and quasi-community property that are hard to understand without an extensive legal background. Because fair division of property and debt is important to your future, we are prepared to litigate your case if necessary, but we also recognize the value in negotiating a settlement when possible.
Now Is The Time To Get Answers
Whether it is through litigation or alternative dispute resolution, we strive to help you obtain a fair settlement from your divorce. Contact an experienced lawyer at Harris and Fraser online today or call 650-389-9036 to schedule a consultation.