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DIVISION OF ASSETS IN DIVORCE

Newport Beach Divorce Attorneys

The division of assets in a divorce is often an emotional and contentious process for both spouses; however, this does not always have to be the case. Understanding your state’s law regarding assets and property can be tough to navigate alone. Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas Washington, and Wisconsin are the states which have enacted community property laws regarding divorce.

Get help diving assets with the experienced Newport Beach divorce attorneys of Bremer Whyte Brown & O'Meara. Call us today at (949) 229-8546.

California Family Code § 760

California is a community property state, which, in short, means that assets attained during the marriage, except in very clearly defined circumstances, are considered community property, in which each spouse has an undivided one-half interest. Often, however, the division of property is not as simple as dividing everything in half.

Community property can be applied to the following, but is not limited to:

  • Earnings, income, and wages of either spouse during the marriage
  • Interest accrued on bank accounts, pensions, and other types of financial assets
  • Retirement account, assets, and benefits
  • Real estate
  • Mortgages
  • Automobile and motorcycles
  • Furniture

Accrued debt can also be considered community property when determining the division of assets in a divorce.

What Is Separate Property?

Separate property, or non-marital assets, are assets that are not subject to division in a divorce. Examples of this include gifts, inheritance, and property that spouses acquire before marriage. Property acquired post-dissolution of marriage are also considered separate property. In short, property and assets that predate marriage — unless “transmuted” into community property — are off-limits during the divorce process.

Great care needs to be given to characterizing and valuing your assets properly to ensure that each party is awarded his or her fair share, otherwise known as equitable division, of the marital estate. This is not an easy task to handle alone so contact the experienced New Port Beach divorce attorneys of Bremer Whyte Brown & O'Meara today at (949) 229-8546.

Why Hire Bremer Whyte Brown & O'Meara, LLP?

  • Experience with Complex, High-Value Cases

  • Highly Awarded by Prestigious Associations

  • Thoughtful, Competent Representation

  • Four Certified Family Law Specialists

  • Experienced Trial Attorneys

  • Experienced Trial Attorneys