Division of Assets and Debts

Most people know the colloquial term that everything is divided 50-50. Although this is generally true, there are intricacies about the law that you should know in order to achieve the best possible outcome.

Property acquired during marriage, whether an asset or debt, is presumed to be community property, and all community property is generally divided 50-50. Property acquired prior to marriage, by inheritance, or after the date of separation is separate property. However, the lines are not always clear. Perhaps there is a reimbursement or credit that one spouse is entitled to.

It is important to speak with a knowledgeable attorney regarding all assets and debts in your case, including but not limited to your real property, vehicles, credit cards, student loans, retirement accounts, IRAs, pensions, lawsuit proceeds, etc.

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