Division of Assets & Community Property

Division of Assets & Community Property Issues

 Divorce Lawyer 

Money and Property

Besides matters relating to children, the division of assets is often the most hotly contested issue that arises during divorce proceedings.  Over the course of a marriage, a couple’s finances become intimately intertwined, and separating finances can prove time-consuming and frustrating.  Divorcing spouses must split all of their finances, property, and assets, and this can be a long and arduous process that must be mediated by an outside entity such as the courts and a judge.

Money and property are contentious matters for obvious reasons.  No one wants to come out of a divorce with less than they deserve, and emotions are often feverishly high regarding assets and property.  In amicable divorces, couples can independently decide who gets what and establish the levels of alimony or child support involved. Unfortunately, many couples fail to reach a mutual understanding, and the courts must step in to spearhead the division of property and other assets.

Each state has its own laws about how people are to divide their property.  In states that recognize community property, determining who owns what can be a complicated process.  The first step in dividing property is determining what community property is and what constitutes separate property.  Separate property usually includes individual gifts, inheritance, personal injury settlements, pensions acquired before marriage, and separate property or business.  Sometimes separate property can become mixed with community property, which complicates an already complex situation.

The most common types of community property that become issues during a divorce include family homes, pensions acquired during the course of the marriage, family businesses, and any jointly owned property that cannot be clearly identified as separate.  These properties often take quite a bit of time to process, and if they are not distributed equally the court can sometimes mandate that they be sold in order to compensate for the inequity in asset distribution.

The division of assets can be a daunting undertaking and an emotional phase of an already challenging process. An experienced family law attorney or divorce lawyer can help protect your interests and make sure that the division of assets respects your legal rights.  Don’t risk losing your house, your business, or your property – make sure to contact an understanding lawyer today so that your assets are fairly distributed tomorrow.

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