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Property is the business aspect of divorce. California law requires a “just and right” division of marital property upon divorce. This covers property of all kinds: real estate, personal belongings, and money. Marital property and debts are divided equally at the time of divorce. Any property acquired during a marriage, except gifts or inheritances, and any debt incurred during the marriage belongs equally to both spouses.
An Understanding of Marital Assets and Debts
All marital assets are subject to division in a divorce. Likewise, any debt acquired during your marriage, such as mortgages, car loans, and credit card balances, must be divided as well. Community property includes financial accounts, retirement and pension accounts, business interests, houses, land, furniture, and any other tangible items that have value.
As a general rule, community property is divided between the parties equally during a divorce, although there are some exceptions. Property acquired by gift, inheritance, or prior to marriage is generally presumed to be that person’s sole and separate property and is not divided. Generally, community debts, which are the debts incurred during the marriage, are divided equally as well. There are exceptions: Debts incurred prior to marriage are generally the responsibility of the person incurring those debts.
Beringer Law provides professional guidance
Most divorcing spouses are able to locate accurate and complete records of the other spouse’s finances. On occasion, financial information is unclear or incomplete. This may be the result of intentional or accidental lack of disclosure.
If needed, Beringer Law can access to forensic accountants and investigators to uncover hidden assets and undeclared property and to determine the real value of a business. However, we try to avoid this situation with full and honest disclosures.