How Property Is Divided In
A San Diego Divorce
What's mine is mine
and what's yours is yours....except in California and other
community property states. A couple who has been married for any
considerable length of time usually accumulates assets together, and
debts, too. When the breakup happens, there can be considerable
confusion about what rights each person has. Does each spouse
automatically get half of 'everything'? What happens to inheritance
money, gifts, wedding rings, engagement rings, gifts from one spouse
to the other during the marriage? The house that (a) belonged to one
spouse before marriage but the couple refinanced together; (b) was
purchased by the couple during marriage but because of bad credit
which accrues in the name of one spouse only is refinanced at a
later date by the other spouse, and the spouse with bad credit is
required by the title company to sign a Quitclaim Deed or an
Interspousal Transfer Deed before they will fund the refinance?
The list of questions and answers is nearly endless for property
division. But here's the really, really basic rule: Assets
accumulated during marriage with earnings of either spouse get split
50-50. Debts incurred by either spouse during marriage, no matter
whether only one or both names are on the account, are the equal
obligation of each spouse. If that's all there is, your case will be
simple. But that's usually not everything. There may be stock
options from one spouse's employer, pension which was earned partly
before marriage and partly during, etc. It is these "mixed
properties" that can be pitfalls for the unwary and simultaneously
an opportunity for an attorney to devise some creative arguments and
strategies to maximize his / her client's position. Don't assume
you've covered all your bases until you've talked to a competent
attorney about all the facts of your particular situation.
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