In San Jose, divorcing couples like you will have to figure out how you want to divide your property. California is a community property state, meaning almost anything acquired during the duration of the marriage is considered jointly owned by both parties and is therefore subject to division.
According to FindLaw, there are a few exemptions to what can be divided under community property laws. The primary examples are gifts and inheritances. Even if you were still with your spouse at the time of receiving an inheritance, you won’t have to share it with them. Likewise, if they bought you gifts during your relationship, you are not required to return or share them.
However, outside of those exemptions, many things can fall under the category of property and finances that are eligible for division. This includes money, physical objects like high-value art, and property like vacation homes or land. Just a few examples include:
- Bank accounts
Cash, security deposits, retirement funds, pension plans, cash value life insurance plans, and 401(k) plans are also all considered joint assets that are subject to division. Of course, if you owned a business together, it will need to be divided equitably as well.
If you have to divide your property with an ex-partner due to a divorce, consider talking to an experienced attorney who can help you get the most out of the division. They understand the ins and outs of property law in California and can make sure that an equitable division is truly fair.