Throughout a marriage, spouses may acquire assets that they enjoy. In many cases, these include high-ticket items and some with emotional attachment. Those items can become the subject of a highly contentious property division process if they decide to end their marriage.
There’s no easy way to divide property because each case is unique. California is a community property state, so all assets and debts that were acquired during the marriage will have to be divided equally. There are limited exceptions to this, such as gifts and inheritances that were given to one spouse.
1. Be realistic about your expectations
One of the most important things to remember as you go through the property division is to be realistic about what you can afford to keep. Some assets have considerable upkeep expenses, so you should determine if your new budget as a single person will be able to accommodate those expenses.
2. Remove emotion from the equation
Some assets, such as the marital home, may be filled with memories. While those may be intense, don’t allow your emotions to sway your decision about property division. You have to think about what’s best for your finances now and into the future. It can be hard to walk away from an asset you feel connected to, but it may be more difficult to have to live in a constant state of stress about how you’ll pay for it.
Even if a property agreement is reached, the court will still have to approve the agreement. Until that happens, anything that’s community property is still owned by both parties, regardless of possession. Because the California laws related to property division are so strict and complex, working with someone familiar with these matters may be beneficial as you go through the process.
