One of the most challenging aspects of divorce often arises when it comes time for the court to determine who gets what. California, along with only eight other states, has community property laws regarding division of debts and assets in divorce. The more you understand about community property guidelines ahead of time, the better.
This basically means that all of your assets and liabilities will be split 50/50. This has sometimes led to serious complications during divorce proceedings, including times where spouses attempt to hide assets to keep them from being subject to division. This is illegal and an experienced family law attorney knows what to do to bring such matters to the court's immediate attention.
Other issues may also affect your divorce where asset and debt division is concerned. If you signed a prenuptial agreement before you got married, its contents may bear significant impact on the court's decisions regarding property, finances and debt issues. Full disclosure is crucial on both sides when it comes to listing marital property versus individual assets in divorce.
Depending on your particular circumstances, division of debts and assets in divorce may be fairly simple or extremely complex. If you're a business owner or own multiple properties, stocks or other investment plans, things may get a bit tricky. Also, if you inherited money during the time you were married, it will still likely be listed as separate property. The Law Office of William R. Bennett can provide guidance and support to anyone facing divorce-related issues in California.