3 Factors that Influence the Division of PropertyUncategorized
If you’re going through a divorce and having a tough time deciding what’s fair when dividing up assets, you can take the matter to family court. The factors that influence the division of property are different in every state. Read on to find out how California laws affect the division of property.
California is a community property state. This means that anything accrued after the wedding is considered community property. All community property will be divided in a 50/50 split. Since it’s not possible to split a house or a pet, a monetary value will be placed on each item and the items will be divided equally. The exception to this is when the divorcing couple agrees to a settlement with different terms.
Acquisition after Separation
What happens if you or your spouse gain a debt after separation? Are you liable for it even though you weren’t living together? If the debt was incurred to provide basic living standards for your ex or your children, then you’ll be responsible for a part of that debt. If the debt was incurred for non-necessities, the debt stays with the spouse who incurred it.
If the court finds that one spouse has been hiding funds or resources from the other for some time, they may award a higher settlement to offset the detriment this caused. The burden of proof lies with the spouse who believes the other withheld money, property, or other assets.