Navigating the process of dissolving a marriage can certainly be challenging from an emotional standpoint. However, it can be equally as confusing from a financial perspective, especially with regard to the distribution of assets. Here is a glimpse at how property division is handled during a divorce proceeding in California.
California is a community property state, meaning that all property that two spouses share is split down the middle when they decide to get divorced. This shared property is essentially any property that the two individuals procured through their aptitude, work or endeavors while they were married. Although shared property must be split during divorce, separate property is not subject to property division.
Separate property includes any property that one of the spouses obtained prior to the marriage. Separate property can also be property that one of the parties received as a gift, even if he or she received the gift during the course of the marriage. In addition, any business that one of the parties possessed prior to getting married is considered to be separate property.
If two spouses who are about to get divorced can find common ground in the area of property division, they can work out this aspect of their divorce proceeding outside of court. This will allow them to pursue a mutually satisfactory settlement, rather than having a judge decide for them how they must divide their property. An attorney can provide an individual with the guidance he or she needs to pursue the most personally favorable asset division outcome during a divorce proceeding in California.