Division Of Property In San Diego
Part of the court’s responsibility in any divorce is to divide marital assets and marital debts. California is a community property state, which means that, with some important exceptions, assets and debts acquired during the marriage are community property. The earnings of each party during the marriage are also community property.
Property division also includes calculating reimbursements due for separate property contributions to community assets or debts and community property contributions for separate property assets or debts. For example, a business purchased during the marriage is community property. However, if one partner contributed $50,000 earned before the marriage to purchase of that business, that partner is entitled to be reimbursed before the business is divided.
Property division requires a thorough review of all assets and debts in the name of either party. In addition, the date of acquisition, the method of acquisition, the change in value and other factors are all relevant to dividing marital property. We work closely with clients on these issues and also have relationships with financial professionals who can offer needed assistance in unraveling finances in a long term or high asset marriage. Besides Property Division, the court may order you to support your spouse. Learn more about Spousal Support!