In California, all assets and all debts acquired during a valid marriage is presumed to be community property. When you file for divorce, any property you may own that is characterized as can be divided. Any property that can be traced to a community property source is also characterized as community property.
The property you acquire before the marriage, after the date of separation, by gift or that you inherited, is your separate property. Any property that can be traced to a separate property source is also your separate property.
During your divorce, you can agree on a division of the community assets and debts. Should you and your spouse not be able to agree, it can be done by a court which will order an equitable division. Determining and dividing community property assets and debts can have a significant effect on your current lifestyle and future retirement. Take time to carefully determine the value of all community property and your interests.
CALL NOW TO MAKE AN APPOINTMENT FOR A FREE CONSULTATION