One of the biggest undertakings during your divorce is the division of property. You must go through everything you own to make rulings on who will get it after the divorce.
Property has many definitions, but according to the Judicial Branch of California, in a divorce, the property is anything that has value and that you can buy or sell. The property will include assets and debts.
Types of property
While your home or your bank account are both types of property, the law further defines it as either separate or community. Separate property is anything you owned prior to the marriage and kept apart from your marital assets. Community property is that which you obtained during the marriage.
There are gray areas when it comes to the distinction between the types of property, which can make property division a very difficult process.
Community property state
California is one of the few community property states. This means the court will consider you both equal owners of all marital assets. You will need to split them fairly. Keep in mind, you must also divide debt, and this can also complicate any agreements as it reduces the assets you receive.
You can create your own property division agreement, but keep in mind the court must sign off on it. If you try to create an unequal division, the court is not likely to approve it.
It is essential to understand the meaning of property and how it works in a divorce. Dividing assets and debts must occur within the law and under the scrutiny of the court, so you should be careful when making decisions and reaching a final agreement.