Notes

Dividing Assets in a California Divorce
There are 2 kinds of assets in California: community property and separate property. Marital property is everything that a couple obtains throughout the marriage. This includes income, bank accounts, homes, cars and trucks, furnishings, etc. Separate property is anything that either partner owned before the marriage or anything that was gifted to or inherited by one partner during the marital relationship.
The primary step in dividing property is to determine what type of property it is. If it's community property, then it will usually be divided fairly evenly between the spouses in the divorce. If it's separate property, then it will stay with the owner of that asset.
The next part is to figure out how to value the asset. This is normally done by working with a professional appraiser. When the asset has been valued, the next action is to determine how to divide it between the spouses.
There are a few various methods to do this. The very first way is to sell the assets and divide the proceeds evenly in between the spouses. The second way is to have one spouse buy out the other spouse's share of the asset. The third method is to keep the asset and have one partner pay the other spouse for their share of the property.
How a judge will Divide Marital Property
If separating spouses can not reach an arrangement concerning how property will be divided, then a judge will have to decide. In California, community property is typically divided equally in between the spouses in a divorce. However, there are some factors that a court will think about when dividing community property. These factors consist of:
· The income and income making potential of each spouse
· The age and health of each spouse
· The monthly amount of child support or spousal support that each spouse will be paying or getting
· The separate property of each partner

· Any debts that each partner has
· The requirement for one spouse to remain in the marital home
The court will also consider any other factor that it believes relates to the splitting of assets.
https://www.reliabledivorce.com/californiaonlinedivorce be Divided in a Divorce?
Separate property is usually not divided in a divorce. However, there are some circumstances where a court will divide separate property. These scenarios consist of:
· If the property was gotten during the marriage and it would be unfair to not divide it
· If the property is divided in order to equalize the allocation of community property
· If one spouse requires the property in order to have a place to live.
What about debt?
Financial obligation is generally dealt with like property in a divorce. This implies that it will be either be divided evenly in between the partners or it will remain with the spouse who obtained the debt. however, there are some debts that might be designated to only one partner. These debts include:
· Debts that were sustained for luxury items
· Debts that were incurred for medical expenses
· Debts that were incurred for education expenses
· Financial obligations that were sustained during the marriage however only one spouse benefited from them
A court will likewise consider any other aspect that it thinks is relevant to the allocation of financial obligation.

Reaching an Agreement with Your Partner
If you and your partner can reach a settlement agreement on how to divide property and debts, you will save significant time and money by not having to litigate these issues in court. Additionally, you don't deal with the unpredictability of having a judge decide how your assets and financial obligation is divided. Finally, by reaching an arrangement with your spouse on the terms of your divorce, you have the option of utilizing a California divorce online service instead of needing to work with a lawyer. As a result, making a concerted effort to come to an arrangement with your spouse on the terms of your divorce is definitely worth it in the long run.



Homepage: https://www.reliabledivorce.com/californiaonlinedivorce