Newport Beach Property Division Attorney

How Are Assets & Property Split in California Divorces?

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.

California is a community property state, meaning that marital property is supposed to be divided 50/50 between the spouses. To ensure proper division of assets in Newport Beach, CA, you need an experienced and aggressive lawyer on your side. You need Bremer Whyte Brown & O'Meara.

California Family Code § 760 – Community Property

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, divorce and property division 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

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.

How Is Debt Split in a Divorce?

In California, debt can also be considered community property when determining the division of assets in a divorce. This means that any debt – even if it's in the name of only one spouse – could still be split between the spouses upon divorce. Joint credit cards can therefore be an issue in the event of a divorce.

When it comes to dividing debt in a divorce, you need an experienced attorney on your side to make sure that the debt is divided fairly under California's community property law, and that your credit is protected after you separate your credit accounts.

Consult a Property & Asset Division Lawyer in Newport Beach & San Diego

Great care needs to be given to characterizing and valuing your marital assets properly to ensure that each party is awarded his or her fair share of the marital estate during property division in divorce. This is not an easy task to handle alone.

Contact Bremer Whyte Brown & O'Meara today at (949) 229-8546 for an experienced Newport Beach property division attorney! We have an additional location in San Diego, CA.