Splitting your community property in your San Jose divorce can be quite stressful and expensive to litigate, That makes it even more important to negotiate for the items that will be especially helpful to you going forward once you are single.
When you file for a California divorce, you probably know that you will be dividing your community property. But don't forget about the other things that also must be split — the shared debts.
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.
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?
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.
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.
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.
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.
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.
When you file for divorce in California, there are a number of issues that must be negotiated when drafting the final divorce settlement. One of the most difficult may be that of property division and determining who gets what after the divorce is finalized. California is a community property state, meaning all marital property is divided equally in half between the parties. Yet, not all property is considered community. There may be some property and assets that stay in the possession of the original owner in the settlement. This is referred to as separate property.