- Estate Planning
Under California law, community property is any income made or asset obtained by someone who is married while living with their spouse. Separate property is any property obtained by a spouse before the marriage, or during the course of the marriage that was a gift or inherited. As a community property state, all debt, property, and assets obtained during the marriage are split “50/50” by the court, unless the court determines equal division is unfair. Under the law, the property divided does not have to be of the same kind, just that the value of the property received be equal. One spouse may receive the car and the family business. The other may be given the family home. If the value of the property received is equal, then the division or property is considered fair.
If the spouses do agree on how the property is to be divided, they will both sign a Marital Settlement Agreement that lays out the terms of the agreement. Unfortunately, division of marital property is often an emotional issue, creating hostility and upset between both parties, and preventing an equitable agreement. In these instances, the matter needs to be litigated in front of a judge. It is important that an attorney experienced in litigation be hired to help resolve this division of property issues.
Contact the office of Gordon G. Meyer, a Certified Family Law Specialist, who has 43 years of experience in Family Law cases.
Call 619-855-4070 for an appointment today.
Serving the communities of Poway, Rancho Penasquitos, Rancho Bernardo, 4S Ranch, Escondido and North San Diego county.