Division of Assets and Debts

Couples who are planning a divorce benefit from having adequate legal counsel and representation surrounding division of assets and debts. It’s important for both parties to understand how joint property and debt are treated under California law. With these details in hand, it becomes easier to find a path to legal resolution rather than getting wrapped up in long-term, problematic negotiations.

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WHAT IS DIVISION OF ASSETS AND DEBTS?

Since California is a community property state, marital property is most often equally divided, bearing in mind factors like child support. In any case, all assets and debts will need to be addressed and provided for as part of the asset and debt division process.

California law has other nuances when it comes to the division of assets and debts, things that Monarch Family Law’s experienced family lawyers in Orange County can help you navigate through careful and professional consulting.

WHAT IS AN ASSET?

One of the biggest mistakes that divorcing parties make is to think that assets are only tangible items like homes or cars.

Stocks and other investments are also commonly seen as assets. Additionally, there is a wide range of business assets that may apply to divorce proceedings. It’s not uncommon for one or even both of the parties to “find” assets during deliberation that they had forgotten about or never knew would be part of an asset class. The entire process requires transparency and attention to detail.

MARITAL AND NON-MARITAL PROPERTY

One key part of the process in California divorce proceedings is to figure out what constitutes marital property and what may be classed as non-marital or separate. The courts generally regard assets acquired jointly as being marital and assets acquired individually as being separate, but there are other factors to be considered.

For example, the accounts that money goes into may affect whether capital is considered marital or nonmarital. This is another place where a division of assets and debts lawyer can help. What about inheritance or other windfalls? What if one spouse won the lottery? At Monarch Family Law, we understand that each scenario is unique, and we are dedicated to learning the ins and outs of your situation in order to best serve you during the process of dividing assets and debts in divorce.

WHAT ABOUT DEBT?

While some non-marital assets may be considered separate, California typically contemplates community debts, where any debt incurred by either partner will be considered marital and subject to joint responsibility. In most cases, a portion of your marriage’s debt will stick with you.

Monarch Family Law’s experienced lawyers will work tirelessly to ensure a fair outcome when it comes to dividing your assets and debts.

ORANGE COUNTY DIVORCE ATTORNEYS

Individuals and couples who have questions about California divorce law and division of assets and debt can turn to Monarch Family Law. As a successful Orange County divorce attorney firm, Monarch Family Law is dedicated to handling your divorce proceedings with special care and to advancing your rights under the law.

Get in touch with Monarch Family Law today!

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