During a divorce, much of what happens and decided upon is up to you, as long as you follow standard California family laws and your spouse is in agreement with you. For example, you can divide up your debts and assets according to your needs, as long as your spouse agrees to the division and the total net value of your marriage is equally distributed.
Keep in mind, however, that your division may affect other areas of the divorce, such as spousal and in some cases even child support. For this reason, it is always a good idea to run your property division by an experienced family law attorney so they can ensure that your division is financially advantageous to you overall.
Sometimes, a judge may make changes to a proposed property division or support order if they feel that the division is not fair or equal. In a time of turmoil, it can be easy to agree to whatever is put in front of you, just so you can move on. So, while you may not care in the heat of the moment who gets what, know that reaching a fair distribution of debts and assets is not optional, it is necessary. On the other hand, property division is one of the most complex and disputed areas of divorce and are what often results in a divorce dragging on for months and months while in litigation.
For the most part, you will be able to divide your community assets and debts to your liking, as long as you and your spouse can agree on it. For example, while California family law dictates all community debt has to be divided equally between the two marital parties, one party could take all the debt in exchange for more of the assets to balance it out.
If you or the marital community holds a debt, that debt can be transmuted to be the separate and sole property of your spouse. Similarly, you could agree to let your spouse keep more assets as well as more debt. This often simplifies things for both spouses as one spouse walks away with very little overall and the other can sell assets to pay off community debt. Remember, the general goal is California divorce property division is equality. You are generally free to divide your property according to what works best for you and your spouse, as long as each of you walk away with roughly half the net-value of the marital community.
Are you in Los Angeles County and have questions about dividing your community property? Certified Family Law Specialist Mark Karney has expertise in complex divorces involving significant property division issues in Los Angeles County. Serving Los Angeles and surrounding areas, Mark Karney can efficiently and successfully handle your property division to ensure you interests are looked out for. Contact our office today to schedule a co-charge consultation to discuss your case. Contact us through our online form or call us at (310) 393-0236.Related Posts: Will My Divorce Take Longer if I Have a High Net-Worth? | How to Account for the Value of Appreciating Assets | Knowing Your Worth: What is Considered an Asset? | Where Does all the Money Go?: Uncovering Hidden Assets | Intangible Assets: Intellectual Property and Divorce |