In California, a wife may be entitled to 50% of marital property, 40% of her spouse's income in the form of spousal support, child support, and primary child custody. These rights are based on the length of the marriage and the income of each spouse, among other factors. One spouse has a retirement benefit from a job they had since before they were married. Contributions made to the plan before marriage are separate assets.
Contributions made while married are community property. After they are separated, new contributions are separate property. A typical divorce agreement results in the money remaining as it always has been the account: the wife's sole and separate property. Under California law, assets and assets acquired during a marriage are generally considered community property.
In a divorce, each spouse receives half the value of the community's assets and keeps their own separate assets. Community property can include income, real estate, personal property, a closely maintained business or professional practice, and retirement benefits. Community property may also be entitled to reimbursement of educational expenses incurred by one of the spouses during the marriage. Debts acquired during marriage are generally considered community debts, even if one spouse incurred most of the expenses.
Often, spouses can resolve these complex issues by negotiating a marital property agreement with the help of a divorce lawyer. At Lerner Poole & Stewart, LLP, our San Francisco spousal property settlement lawyers help individuals across the Bay Area reach settlements that protect their interests. When a couple marries, they technically form their own community. Property purchased, property earned, and debts acquired during marriage will become part of the community.
Under California community property laws, each spouse is entitled to an equal share of community property as well as community debts. Understanding the community's interest in a shared home can be difficult during a divorce case, especially if you own multiple properties. As part of the divorce, you must make financial disclosures by exchanging a List of Assets and Debts. There is a strong presumption under California divorce law that the assets a couple accumulates during the marriage are community property, meaning that they are the equitable property of the spouses.
The answer to who keeps the house in a divorce may change depending on the property division laws in the state in which you file. Couples going through a divorce must decide how to divide their assets and debts or ask a court to do it for them. The estate and debt part of a divorce can be complicated, especially if you have something of high value or a lot of debts. An uncontested divorce can allow you and your spouse to maintain control of who keeps the house instead of turning the decision over to the courts.
Under California community property laws, the assets and debts that spouses acquire during the marriage belong equally to both of them, and must be divided equally in a divorce. For others, this is a day when the two spouses agreed that their marriage was over and made plans to divorce. It is also for divorce agreements where one parent is in a clearly superior position (and the other parent is in a poor position) to make health, safety, education, or general welfare decisions consistent with the child's best interests. Contact a San Francisco divorce lawyer if you need help negotiating the terms of your divorce.
You can also agree to pay debts with money from the sale of the property, such as real estate or vehicles, at the time of the divorce. In high-net-worth divorces, it may be necessary to hire an appraiser and other experts to assess various assets. .