Division of Assets
California is a community property state and the Family Code requires community property to be equally divided between the parties, unless the parties agree otherwise.
- What is community property? The presumption is that all assets and debts acquired during the marriage are community property and should be divided equally. However, this presumption may be modified by the facts of the case.
- What is separate property? Separate property consists of assets or debts acquired prior to the marriage or after the parties separate. It also includes gifts and inheritances received at any time.
Property division is one of the most complex areas of family law. Separate property issues are complicated and the values are always a problem in this economy. The attorneys at Patterson, Hanna & Associates will help you determine what assets are community property and what assets are separate property.
Marital assets may include
- Real estate
- Bank accounts
- Pension/retirement accounts
- Business interests
- Personal property
- Automobiles
- Life insurance policies
- Investment accounts
- Profit sharing, 401(k) and IRA accounts
Marital debts may include:
- Credit cards
- Charge cards
- Student loans
- Federal and state taxes owed
- Unsecured loans
- Mortgages
- Car payments
Concealed Assets & Fiduciary Duties
A spouse may attempt to conceal assets from the other spouse in the property division process. Concealing assets or income is prohibited by law and penalized by the court. The Family Code requires full disclosure by both spouses of all assets and debts, either community or separate. If you believe that your spouse is hiding assets from you, contact the lawyers at Patterson, Hanna & Associates for assistance. We will use the discovery process to locate hidden assets and undisclosed income.
Start With a Consultation
To schedule a consultation with our Orange County, California law firm, call us at 714-888-4834 or send us an e-mail.
