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Posts tagged "Property Division"

Who gets the dog in the divorce?

Prior to 2019, when then-Gov. Jerry Brown signed a bill into law, pets were treated as simply property to be divided in a divorce. While the new law did not elevate your dog's or cat's status to that of a child in a divorce, it does give family law courts criteria to determine which spouse will be the better owner for the pet.

Splitting an IRA in divorce after getting distributions

People in San Jose who get a divorce and who need to split a defined benefit pension plan or a qualified retirement plan need a document known as a qualified domestic relations order. If they have retirement savings in an IRA, they simply need a copy of the divorce decree to have the account divided.

Are debts divided differently from property?

As we discussed earlier, California is a community property state. This means that all property obtained during a marriage is considered jointly owned, with some exceptions. In community property states, the property is divided as close to equally as possible. But what about debt?

What is community property division?

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.

How to separate finances

When California residents get a divorce, they may only think about separating their physical belongings when they begin to divide their property. However, it is just as important to divide finances, especially as this may be more complicated.

Assets, debts and your divorce

People in California who are married and make the tough choice to get divorced might wonder how the state's laws about community property might impact their divorce. Some may feel this could be a good thing for them as it means assets obtained during the marriage might be equally owned by and divided between both spouses. While this may be true, it is also true that the debts incurred during the divorce may be viewed as equally owned and thereby divided equally between both spouses.

How can you avoid dividing 401(k) plans during divorce?

Your retirement accounts are not all yours when it comes to California divorce law. If you or your spouse have a significant 401(k) or IRA investment, it would probably be divided. This is one of the most frequent sources of contention between divorcing spouses, but it does not have to be that way for you. 

How to know if your spouse is hiding marital property

Whether you are currently going through a divorce or just thinking about starting the process, there are many factors to consider. Property division may be one of the most difficult issues to tackle, as it can be hard to part with property and possessions that you have accumulated throughout years of marriage. Although both parties are required to disclose all property and assets amassed during the divorce, one party may be tempted to hide marital property in order to get full access to it once the divorce is finalized.

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