Property Division Attorneys in Campbell: Protecting Your Equitable Share

Experienced Family Law Attorneys Dedicated to Helping Clients Divide Assets and Debts During Divorce Proceedings

One of the most difficult aspects of divorce is the property division process. This is especially the case if you’ve lived with your spouse for several years, as determining who gets which assets can feel nearly impossible. The same goes when you divide your debts, since you likely have many shared bills you’ve paid together for years.

This is why it’s important to hire property division attorneys who are well-versed in handling family law matters in Santa Clara County. When you hire our Campbell law firm for help dividing your assets and debts, you’ll get the support of an experienced family law attorney who can manage the most complex property division issues. Contact us for legal guidance throughout your California divorce.

What is Community Property According to California Law?

As you begin the property division process, you must determine which assets are considered marital property, also known as community property, and which are separate property. This is because the two are treated differently during a divorce.

California is a community property state. This means any property acquired during the marriage belongs to both spouses as marital property and will be equally divided. Debts taken on during the marriage are treated the same way.

For most couples in California, these are considered marital assets and will be divided equally:

• The marital home
• Rental or vacation homes
• Cars
• Boats
• Furniture
• Bank accounts
• Retirement plans
• Pension plans
• Jewelry
• Business interests

In most cases, these and other assets are considered community property and are owned equally by you and your spouse. Your Campbell property division lawyer will advise you on whether you should sell your community property to split the profits or negotiate who gets to keep each asset. If you have questions about what qualifies as marital property in a community property state like California, or if you’re wondering how a prenuptial or postnuptial agreement affects this, contact our family law attorneys.

What is Considered Separate Property in California Divorce Proceedings?

In community property states like California, you typically get to keep your separate property. This refers to any property that you owned before you got married. For example, if you bought a car or accrued funds in retirement accounts before your wedding day, these are considered separate assets that will not be divided.

In California, inheritances are not considered marital property, even if acquired during the marriage. So, if a relative passed down some jewelry to you during your marriage, you can keep it during the division of marital property.

Gifts given to one spouse during the marriage are also separate property and, therefore, not subject to California’s community property laws. So, if your friend gave you a gift meant just for you, you can keep that particular item during the divorce.

What is Commingled Property?

Certain assets may begin as separate property only to be commingled with marital assets, making them far more complicated. For example, if one party acquires assets via an inheritance, those assets should be considered separate property. However, if you put the inheritance into a shared bank account with the other spouse, it becomes commingled property, after which it can be difficult to distinguish from other marital property. Similarly, property purchased for one individual but for which the funds were spent from marital finances is likely to be considered marital property as well.

In order for a family law judge to properly divide the assets, the married couple must be able to trace the source of the commingled property and show how it was originally acquired. Doing so is not an easy task and can become even more complicated if a high value is attached to the commingled asset. Since determining commingled assets can present various other challenges, it is crucial to have an experienced attorney who is well-versed in these practice areas to help you achieve a favorable resolution.

We serve clients in Campbell and San Jose, California, and help them understand property division proceedings so that they can make informed decisions about how to proceed with their case. To learn more about the benefits of retaining our professional legal counsel, please contact our family law firm to discuss your unique circumstances and an in-depth case evaluation today.

How Do the Courts Go About Dividing Property When There Are Complex Assets?

Depending on the nature of the marital property, dividing that property could be fairly straightforward, or it could be an incredibly complex endeavor. For example, if you and the other spouse owned a family business, dividing those business interests can be a complicated task. It’s not as simple as dividing a bank account, for example.

As your legal representatives in these matters, we will be by your side throughout the entire property division process and handle all aspects related to the division of complex property. The process begins by dividing complex property and identifying all assets, liabilities, and other issues related to those assets. Examples of complex assets include stock options, family ownership, real estate, retirement accounts, and debts. From there, we would evaluate whether the complex property is separate or marital property and whether it is subject to the division of assets.

For complex or high-value assets, it is necessary to assign an appropriate value to those assets, which may require the assistance of appraisers, financial analysts, and accountants. Another step that may be necessary is tax planning to ensure that you are prepared for all capital gains, transfer taxes, and other tax obligations during the property division process.

If there were a prenuptial or postnuptial agreement in place, these marital contracts can significantly impact how assets are divided and how complex assets are interpreted. These documents will be referred to often if they existed in the 1st place.

Successful property division involving complex assets often requires years of experience in these practice areas, with lawyers who have handled divorce matters involving business ownership, high-value investments, and assets held in multiple jurisdictions. Contact our law firm to begin discussing these and other matters in your initial consultation today.

What if the Other Spouse Hides Assets During Marital Property Division Matters?

In California, spouses have a legal duty to disclose all assets and debts during divorce proceedings. Additionally, there is the formal process known as discovery, which is designed to uncover financial information that either spouse may be attempting to conceal. If a spouse is caught hiding assets, they may face severe consequences, including the potential to award a large portion of the hidden assets’ value to the other spouse.

Common warning signs that assets may be hidden during a divorce case include sudden gift-giving or loans, the existence of previously unknown P.O. boxes, unexplained withdrawals or money transfers, unforeseen delays in the divorce process, and sudden secrecy about finances. These actions may be more than just suspicious; they could alert you and others to an attempt to reduce the community property value and keep assets for the bad-faith actor.

With the assistance of financial professionals and experienced family law attorneys, it is possible to explore various solutions to uncover hidden assets and hold parties accountable for their actions. Even if the divorce has been finalized, you may still have legal options.

How Will the Court Handle Assets Acquired After the Date of Legal Separation?

Divorce can take months to years, depending on the case’s complexity. You will likely buy new items during this time, and it can be confusing whether you must share them with your spouse once the divorce is final. The answer is that you can typically keep anything you purchase after your separation date.

But for this to apply, you and your spouse must agree on when your separation occurred. For many couples, it’s when one spouse lets the other know they want a divorce. For others, it’s the day one spouse moved out of the family home. If you can’t agree on the date of separation, an attorney can help so you know which items you’ve purchased are considered your separate property.

Of course, the same rule applies to debts. If you accrued debt after your marriage was over, you would be expected to pay those bills on your own, just like you would with any debts you brought into the marriage. If you have questions about how assets and debts acquired during divorce will be handled, a property division lawyer can help. If necessary, they will hire a forensic accountant to determine when your spouse acquired a particular bank account, house, business, or other asset. Contact our California family law firm today to schedule a confidential consultation with a trusted attorney.

Are You Ready to Hire Experienced Property Division Lawyers in Campbell, California? Contact Our Law Offices to Schedule Your Initial Consultation Today

We understand that divorce is hard on most spouses, so we aim to make it easier. Going through a divorce is emotionally challenging enough without the added stress of worrying about legal issues, such as how to divide your personal property. If you want a chance to breathe a sigh of relief while you separate from your spouse, contact our Campbell law firm to handle any family law matter on your mind.

Whether you have a complex case involving business interests or want to know what counts as community property, we can help. We have the resources to take on any case involving the division of community property in California, so even if we need to engage forensic accountants and business valuators, we can handle your legal needs. Call us at (408) 688-9153 to learn more about how our property division attorneys can help you.