Dividing assets in a divorce can be one of the most difficult situations that occur during the process. As both parties have financial and emotional investments in their property, deciding who gets to keep what can lead to intense conflict during the divorce.
Marital assets are defined as any property (including debt) that is accumulated from the time of marriage to the time of separation. In California, marital assets are divided by the law through the “community property” process. Through this process, all property is divided 50/50 between both parties.
When going through the process of deciding who gets to keep what property it is important to try to be as cooperative and amicable as possible. Both parties should first try to come to a conclusive decision about the property on their own, as they have the knowledge and understanding about what property has sentimental value to each person.
If both parties cannot divide the property on their own, hiring a mediator is the next step. This mediator will help to resolve all fighting and bring the couple to a mutual understanding. It is beneficial to solve all of these issued under a mediator because if a solution cannot be reached, the court gets involved and they will divide according to the law and not take into consideration any sentimental value.
Finally, it is absolutely essential that each party does not try to hide any of their assets. It is illegal to have hidden assets and will result in legal trouble. This trouble is not worth the value of the hidden property. Being open, honest, and amicable, and refraining from fighting over small items will help to move the divorce process along smoothly.
If you need help with your contested or uncontested divorce, contact Thorsteinson Law Group, your trusted and experienced divorce and family law attorney.