There are few experiences in life as difficult as divorce. No matter the circumstances, choosing to legally end a marriage can be a mentally, emotionally, and financially draining experience that can leave one overwhelmed. Divorce is a legally complex process, governed by multiple and oftentimes overlapping regulations for its relevant issues, such as financial responsibilities. You may reasonably find yourself asking, “How is property divided in a Hanford, CA, divorce?”
Chase Family Law has served the people of California since 1994, advocating on behalf of clients across a broad range of family litigation, including civilian and military divorce proceedings, child support, and mediation. Since 2010, Brian N. Chase has been certified as a Family Law Specialist and appointed Family Law Commissioner of Kings County in 2019. He understands that every client, case, and situation is different, so he works vigorously on his client’s behalf.
Hanford property division laws align with the state regarding the division of property in divorce. California is a community property state. This means that, in most cases, the wealth accrued by a couple during the marriage is divided evenly between them upon divorce. This can include bank accounts, real estate, businesses, and retirement accounts. Divisions are normally done through assessing the net worth of assets and dividing them evenly.
Separate property in a divorce is considered any property or wealth that is owned by a single spouse outside the marriage. Typically, this includes assets acquired before a marriage and during separation, along with gifts or inheritances received by a single spouse.
Individually accrued debts are also considered separate property, but it depends on the circumstances. Credit card debt and student loans are considered separate property; however, those debts acquired in the marriage for community property, such as mortgages, are treated as community property and therefore subject to equal division.
Hanford property division laws mandate that each spouse disclose their financial information regarding their assets. This helps the division process easily distinguish community and separate assets, and it begins the process of valuation for a final equitable division. Failing to do so can lead to serious repercussions, such as losing assets that were concealed and paying penalties.
Other actions taken during a divorce may likewise hurt the division of property. Moving out without having those affairs in order may make the valuation process more difficult. 62% of people are homeowners in Hanford, and those going through divorces often face acrimony over household matters.
Understandably, many spouses want to live in separate households while going through a divorce. However, if this is done without an agreement, it may have a big impact. You may leave behind important documentation necessary for financial disclosures in the house. Likewise, you may be deemed by the court responsible for covering a portion of household expenses in addition to the division of a mortgage.
When hiring a property division lawyer, it is critical to find someone with experience in property division cases. Every divorce is different, and no two people are alike. Due to this, flexibility, communication, and sound counsel are critical when entering divorce proceedings.
At Chase Family Law, Brian N. Chase has been working for over three decades to assist couples through the challenges of divorce proceedings. Whether clients wish to work on an equitable valuation of assets, mediation regarding the worth of combined wealth, or property claims and disputes regarding the designation of certain items, Mr. Chase can offer vigorous advocacy for your interests.
As California is a community property state, it is common practice to divide assets equally between spouses during a divorce. This is done by a valuation process that identifies those assets gained during a marriage and divides their net worth between spouses during a divorce. This does not mean an even division between all property, but an equal division of their worth to each party.
Moving out can disadvantage a spouse significantly during a divorce. In child custody cases, it may hurt their chances of gaining custody and appear as a form of abandonment. In financial terms, moving out means potentially losing access to key financial documents. Likewise, a court may deem a spouse responsible for contributing to a portion of household expenses. This, in addition to the expense of maintaining a separate home, can worsen the financial burden.
In California, the division of property usually follows a valuation of assets. During this time, each spouse will produce financial records, tax information, receipts, and other relevant financial records. The records and total amount can be agreed upon by the spouses or a judge, either in mediation, arbitration, or court. Once the valuation of all assets has been completed, what is deemed community property will typically be divided evenly between the spouses.
In a divorce, property acquired before a marriage, along with certain kinds acquired during the life of a marriage, cannot be touched. These are considered separate property. While assets acquired during the life of a marriage are subject to the community property division, items acquired individually before a marriage, as well as gifts, inheritances, and debts, are considered assets that are outside this designation and cannot be touched during a divorce.
While divorce can be a painful process, it is not uncommon. According to the U.S. Census Bureau, over 10% of Hanford’s population is divorced. Many people experience the difficulties that come with dividing assets at the end of a marriage. What is critical is having an experienced property division attorney, as they can assist with the complexities and represent your interests should conflicts arise.
At Chase Family Law, Brian N. Chase can work for you to ensure equitable representation in the distribution of assets. He can also advocate on your behalf and protect your rights under the law. There is no need to face property division alone. Contact us today to learn how we can help you.
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Hanford, CA 93230
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