Rules for the division of assets in a divorce vary state-by-state. Commonly, couples assume all their assets are divided 50/50 during the divorce – no ifs, ands, or buts. However, depending on the situation, this isn’t always the case. In California, the court recognizes both members of a couple as equal owners of all property they accrued during their marriage. But this doesn’t mean the court automatically splits all assets right down the middle when you divorce.
Agreeing on Division of Assets in a Divorce
Before you move forward to divide your property, consider hiring a divorce lawyer, if you don’t already have one. Property division can be complicated, and you could easily forget an asset. Keep a lawyer around who knows how to best achieve your goals.
In California, divorcing couples can work together to divide their assets without the court’s involvement (beyond its seal of approval, of course). In fact, this is one of the most common ways Californians divide their assets. Together, with their lawyers, a couple can come to an agreement that seems most fair for both parties. This agreement may be a completely equal split of all bank accounts, physical property, and investment, or it could be a give and take arrangement in which one may take something of higher value as well as some of the debt to make up for the difference in value.
If you two cannot reach an agreement out of court, you can always bring your division of assets before a judge as part of your divorce proceedings.
Making it Binding
Once you and your ex have established an agreement, you’ll still need to go to court, even if both parties sign. The court must still approve your agreement to make it legally enforceable. If you skip this step, you may be in for a surprise if you attempt to claim sole ownership over a piece of property or neglect debt payments because you’ve passed the responsibility off to your ex.
Always consult your divorce lawyer and get your agreements approved in court.
Filing Divorce Documents in the Inland Empire
Dividing assets isn’t the only tricky part of divorce. With numerous documents to file, the process can often be complex and confusing to couples. ProSe Legal’s legal document assistants are here to help you navigate complicated legal paperwork from organization to filing on your behalf. Let our team streamline the legal process so you can get back to your life.
If you need help completing your divorce documents, today or call (909) 497-1349.
