A divorce is never easy, and it means a total overhaul of life. Given that a married couple has long-term plans that involve their finances, separation could disrupt everything. This is why property division takes center stage.
Therefore, you should be on top of things when it comes to dividing such property and securing your financial future. Below is more on what you need to know about property division in California following a divorce.
Property is divided equally
California is a community property state. It means that the assets owned by you and your spouse throughout the marriage will be divided equally. However, it doesn’t mean that all assets will be exactly cut in half. For instance, you may be awarded the family home while your spouse gets to keep the family business.
Debts are also divided in the same manner, but at the end of the day, what you and your spouse will have after the divorce will be roughly equal. There may, however, be some property that isn’t subject to division, such as gifts that were only given to one party or an inheritance that was never commingled with the other party’s funds.
A prenup can change the outcome
A valid prenup is legally enforceable, and property will be divided as per the terms of the agreement. If you have a prenup, that may carve out exemptions to the community property rule that could provide some much-needed clarity and resolution for your case.
If you do have a prenuptial (or post-nuptial) agreement, get it out and make sure that you fully understand its terms before your divorce gets underway.
Learning more about the entire property division process will protect your interests and ensure you get what you deserve in your divorce. Experienced guidance can help.