Dividing Your Community Property
California Family Code requires all property to be equally divided between the parties, unless the parties agree otherwise.
Community property means that all assets and debts acquired during the marriage are community property and should be divided equally. However, this presumption may be modified by the facts of the case.
Separate property consists of assets or debts acquired prior to the marriage or after the parties separate. It may include gifts and inheritances received at any time.
Marital assets may include:
- Real estate
- Bank accounts
- Pension/retirement accounts
- Business interests
- Personal property
- Life insurance policies
- Investment accounts
- Profit sharing, 401(k) and IRA accounts
Marital debts may include:
- Credit cards
- Charge cards
- Student loans
- Federal and state taxes owed
- Unsecured loans
- Car payments
- Concealed assets & fiduciary duties
Property division is complex. Separate property issues are complicated and property values can become an issue. Our attorneys are experts at determining what assets are community property and what assets are separate property.
Spouses attempting to conceal assets from the other spouse are breaking the law. The Family Code requires full disclosure by both spouses of all assets and debts, community and separate. If you believe that your spouse is hiding assets, contact Patterson Law Firm immediately. We will use the discovery process to locate hidden assets.