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How do I divide my assets and debts fairly in my divorce?

On Behalf of | Oct 28, 2022 | Divorce |

You may have been married for many years and now, after all this time, it just isn’t working out and you and your spouse decide to part ways. If you and your spouse have been together for a long time, the chances are that you have been able to accumulate some significant assets, and possibly, some significant debts together.

As you are getting through the divorce process, you will both need to deal with those assets and debts so that each of you walks away with your fair share. It will probably not be as simple as dividing them between you and walking away. You will need a formal order and a judge’s decision so that it becomes official. Without the court order, any property and debts that you both own are still owned by you and your spouse jointly.

How will the property be divided in California?

In order for the property to be divided fairly, you will need to determine which is considered separate property and which is considered community property. When you fill out the form, you will need to designate the two types of property, which will greatly affect how everything is divided. Whoever owned the separate property from the beginning will most likely continue to own that property after the divorce. As far as the community property is concerned, you and your spouse will split that. Here are some more details about the two types of property in the State of California:

  • Community property: Community property is what you owned and what you owed together with your spouse during the time that you were married.
  • Separate property: What you owned or owed separately from before you married your spouse and after you were no longer together. This may also include any gifts that you received or anything that you inherited.

What is the “date of separation”?

You may have heard the term, “date of separation.” This is the day that either you or your spouse let the other one know that they wanted out of the marriage. From that day forward, all of your actions confirmed that you both wanted to end the marriage.

Solid advice from a divorce attorney

Going through a divorce and all of the issues that must be addressed can be a really trying experience. The help of an experience divorce attorney can really help you to get through the entire process much more easily. If possible, you should think about divorce as the beginning of an exciting, new phase in your life. Your Claremont, California, divorce attorney can help you to navigate the process and to make sure that you protect your rights at the same time.