Property division can be a complicated aspect of any divorce proceeding. This is particularly true in high-asset divorces. Michael Labrum is an experienced Thousand Oaks divorce attorney who has effectively managed cases for his clients for years. He also practices in Westlake Village, Calabasas, Tarzana, Camarillo, Santa Barbara, and surrounding communities. His office has a strong emphasis on high-asset divorce cases and is able to offer nuanced and highly effective counsel for clients facing these types of complex and involved proceedings.
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California is a community property state. This means that all property obtained over the course of the marriage-with a few possible exceptions-belongs to both parties and must be divided equally in a divorce. This is also true for any debts incurred in the marriage.
Separate property is the property you owned prior to marriage, property you inherited or received as a gift separately during the marriage, property you and your spouse agreed to consider separate, or money earned while you lived in another state that did not have community property laws. Separate property also includes property earned from or purchased with separate assets or income.
Debts can be a complicated topic during divorce because it can be challenging to determine whether the debt is joint debt or considered separate property. Couples often have a difficult time dividing common debts such as mortgages, car payments, credit card debt, and other shared debt.
In California, debts are usually treated the same as assets during divorce. Any debt that was incurred during the marriage (by either spouse) is generally considered to be community property and thus, subject to equitable division. Although the debt may not be split equally in half, it will likely be divided in a way that is fair.
Obtaining legal counsel as you approach property division is critical, particularly in those cases that involve large or complex assets. If you are not satisfied with your property division order, you also have the option to appeal. Michael Labrum is a Lawyer.com Premium attorney who has been included in the Super Lawyers® 2016 list. He is accomplished, dedicated, and prepared to represent you in all matters relating to divorce and family law.
Call us at (805) 725-5277 for a free phone consultation to begin.