31 Oct Property: Yours, Mine, and Ours
We are up to P in our Divorce from A to Z series. P is for Property Division. There are often a lot of questions about property in a divorce, including what is yours, what is mine, and what is ours. What gets divided up? Who decides who gets what? Are there things that can’t be divided up? We’ll cover the most common questions regarding property division.
Because California is a community property state, any property that you acquired during the marriage is likely going to be “ours” and needs to be divided fairly equally. If you have a prenuptial agreement, that can affect whether there is community property of the marriage or not. Community property is generally divided up as equally as possible between the two of you. There may be a requirement that you deed the house to the other spouse or that one of you refinance to get the other’s name off of the mortgage.
Property acquired before the marriage (or after your separation date), is likely separate property. With separate property, you basically keep all of the property that is considered your separate property. However, there may be times when your spouse can receive reimbursement during the divorce because community funds were used to maintain or pay for separate property. For example, if you have a house that you bought before the marriage, but used community funds (like you and your spouse’s paychecks) to pay the mortgage or maintenance costs, then your spouse may be entitled to a portion of the value of the asset.
If you cannot agree on who gets what, the judge then decides how your property should be divided. Similarly, if there is a disagreement on whether a piece of property is community or separate, the judge gets involved to determine if and how it should be divided.
We are here to help if you need legal advice on property division, community property, or understanding your rights. You can get the advice you need by scheduling a 15 or 30-minute Legal Advice Phone Call with one of our attorneys. We can review your facts and help you decide whether to move forward with your motion. If you decide to move forward, we will be here to guide you along the way.
LEGAL ADVERTISEMENT. This is just a basic overview and is not legal advice specific to your situation. You should consult qualified legal counsel with questions regarding your situation.