Division of Marital Property During a San Diego Divorce
When it comes to a divorce, outside of children (if involved), division of property is one of the most hotly contested elements. Common questions include:
A). How does property ownership work in a marriage?
B). What am I Entitled to?
C). How is the property divided once the marriage dissolves?
For over 3 decades we've helped couples with divorce issues and mediation services, and have a vast experience when it comes to working out the property issues in a divorce. We can answer all your questions and help you both to a mutually beneficial agreement in this complex issues.
We offer a free consultation, please fill out our "Start Evaluation" or give us a call!
What Is Marital Property?
Marital property can be described in its simplest terms, as all of the property acquired during the marriage unless a spouse approves it otherwise. The courts consider items like "stocks and bonds", "pensions", and "bank accounts" to be the marital proeprty even if the property only names one spouse. If the court decides that the property is marital property, then it must be divided equally. This is known as "equitable division".
While the court may consider property that the spouses bring in to the marriage to be marital, the court of jurisdiction for the divorce MAY reward it back to the spouse who had the property prior to the marriage. The courts will do their best to be fair to both spouses, but each spouse must make a full disclosure of all assets and debts to both the court and their spouse.
What Is Not Classified as Marital Property?
The following items are not classified as marital property. Property:
Acquired prior to marriage still in only one spouse’s name;
Acquired by gift, bequest, or descent by only one spouse;
Excluded in valid contractual agreement between the spouses;
Acquired by one spouse either in exchange for property acquired by gift, bequest, or descent or in exchange for property acquired prior to marriage;
Acquired by one spouse following a Judgment of Legal Separation; and
Received through a judgment where the court awarded the property from one spouse to the other spouse.
What Is Community Property?
Community property is classified as ANYTHING that is not classified as a separate property and that is acquired by the married couple. This is a presumption that a spouse must overcome if he/she wants to prove that the property that looks like it should be community property is actually classified as separate property. The spouse that is looking to prove this will need to attempt to show this bears burden in court of proving by clear and convincing evidence, that the property SHOULD NOT be classified as community property. Whereas many states do follow community property laws, California does not.
When it comes to a divorce and property division or property questions, A Fair Way Mediation has vast experience in working through these issues and a full understanding as to how these work in the court of law.
For a free consultation, please fill out our "Start Evaluation" form or give us a call!
