When going through a divorce, you must consider how your property will be divided. Each state has specific ways of handling asset division in a divorce. This is often the most contentious part of the divorce process, and you should only go through this with a Thousand Oaks property division attorney. At the Law Offices of Ronald K. Stitch, we have the experience you need to ensure fair treatment throughout the divorce process.
How does property division work in Thousand Oaks
The division of assets during a divorce can be incredibly confusing, mainly because not all states handle this the same way. Those who live in California are in a community property state. Property acquired before marriage by either party can be considered separate property, though this property will become joint if it is commingled with any marital assets.
This means that all property acquired during the marriage is considered joint property. If a married couple divorces, all marital property must be distributed equitably. Equitably does not necessarily mean a 50/50 split; it just means that the property must be divided fairly. This can be complicated, especially for marriages with various assets. Consider the following that a divorcing couple may have:
- A marital home
- Secondary homes
- Investment real estate
- Business real estate
- Pensions, IRAs, 401(k)s
- Stocks, bonds, mutual funds
- Vehicles, RVs, and boats
- Furniture, artwork, collectibles
- And more
Even uncontested divorces run into issues when working through property division, and a skilled Thousand Oaks property division attorney must help you through this. For contested divorces, your attorney will be your advocate and ensure that you are treated fairly by your spouse and their attorney.
Do debts have to be divided
Debts that are acquired during a marriage are also considered joint property. State law treats this differently and requires the parties to split marital debt equally. This is regardless of whose name the debt is in and can include:
- Tax debt
- Personal loans
- Installment loans
- Automobile loans
- Student loans
- Credit cards
- Mortgages
A mediator could be a good option
Sometimes, a skilled mediator could be used instead of going through the court system for property division. At the Law Offices of Ronald K. Stitch, we also offer mediation services that could be less costly and less contentious for a separated couple.
We will ensure you are treated fairly
If you are going through a divorce or considering doing so, speak to a skilled attorney as soon as possible. Even though the law requires the equitable distribution of marital property, that does not mean this process will be easy. At the Law Offices of Ronald K. Stitch, we are dedicated to helping ensure our clients are treated fairly throughout the divorce process. Let our Thousand Oaks property division attorneys get to work on your case today. You can contact us for a free consultation by clicking here or calling 818-707-0202.
