California couples seeking a divorce may be anticipating having to divide their assets, but what they may not realize is that they also must divide their debts. And, when they do so, they must take care to do it properly, or there could be financial consequences.
Certain terms might be confusing when a Los Angeles couple is getting a legal separation or a divorce. Property division is relatively self-explanatory, but when getting into the details, there can be portions that are not as clear. One is quasi-community property. Knowing what quasi-community property is before moving forward with a divorce can make the process easier when determining who has the right to various pieces of marital property.
Los Angeles couples who are in the process of ending a marriage will have numerous issues that must be settled. One that is frequently a cause for dispute is how property will be split. Knowing the difference between marital property and non-marital property is one of the most important factors in the satisfactory resolution of a case. This is true whether there are substantial assets worth a great deal or merely items with high sentimental value. Understanding the law regarding property and how it is divided is imperative.
Under California law, any property jointly owned by a married couple is presumed to be community property, unless someone can prove that it is separate property. Community property can include real estate, bank accounts, artwork, debts and other assets. It can also include debts. Separate property is property that one of the partners owns on his or her own and that has not been converted into community property during the marriage.
Whether initiating a divorce was an easy decision or not, the process of going through divorce is often complex. Even more so, the needs and wants of each spouse can add emotions and disputes to the situation. Property division is often one of the more contentious issues faced by divorcing spouses. It is likely that both spouses are fighting over the same asset or property, and without a prenup or postnup in hand; it can be challenge to navigate the asset distribution process.
A couple can accumulate a lot of possessions over the course of a marriage. In addition to the items that they own when they are single they will also likely purchase and acquire other tangible assets and liquid investments as a united pair. Depending upon how it structures the ownership of its property a Los Angeles couple may endure a difficult property division in the event that the partners choose to divorce.