As a community property state, California divides property equally between both parties in a divorce. Division of marital property, also known as equitable distribution, is the one of the most contested family law issues in a divorce proceeding, coming second after issues involving children. Obtaining experienced Kern County family law lawyers can be the difference you need in order to secure what is rightfully yours. The division of marital property must be decided before a divorce is finalized. Equitable distribution is an essential consideration in any divorced due to the financial worth implications, but also towards matters of sentimental value. In the event that both parties cannot come to an agreement on how debt and assets should be divided, the courts will first decide what is marital property, also known as community property, and what is separate property. A judge will require that all marital property is equally divided between the two.
Courts presume any property acquired during marriage is community property. However, this can be refuted by any of the following:
To aid the process in determining which assets and debts are community property, the court requires a timeline beginning with the date of the marriage to the date of filing the petition, date of entry into valid separation agreement, or date that the judge determines to be just and equitable under the circumstances. Assets and debts brought into the marriage that was maintained as separate property during marriage will be separate property coming out of the marriage.
Debt distribution is an equal part of division of marital property. In regards to debt division, usually debt is divided equally between both parties, as to what is fair for both. In some cases, where one party irresponsibly or secretly recklessly spent money or racked up a debt, this may be the individual's liability and you may be able to remove your name from that debt. If your name is on a debt that belongs to the other party, you may benefit from removing your name from that debt to stop creditors from going after you. Division of marital property can be a difficult and arduous task to sort through. You need to protect your rights during this complex process. Your experienced Bakersfield divorce attorneys will advise you on your rights and help differentiate what rightfully is yours to claim.
For comprehensive representation in any Divorce and Division of Marital Property matter, call Azemika & Azemika Law. Our Bakersfield divorce attorneys specialize in bringing you fast, affordable representation with effective solutions customized for your specific circumstances. We will fight for and protect you and your family during the separation and divorce process. Contact us today online or by phone 661-322-8166 to arrange an initial consultation with our attorneys.