What to Know About The Division of Marital Property
By far, one of the most difficult issues for people to understand about divorce is the rules regarding the division of their marital property. There are many misconceptions out there concerning property division, especially those regarding the laws on how marital property is handled in California. The current laws require an equal division of the property acquired during the marriage, which may seem fairly straightforward, but is actually very complicated to resolve.
At the Law Office of Steven M. Bishop, CFLS, we work together with you to find answers to your most difficult divorce problems. Our attorney, Steven M. Bishop, has over four decades of legal experience in family law. He has been certified as a specialist in family law by the California Board of Legal Specialization. He has the skill, knowledge and experience you need to protect what is most important to you.
What Is Included And Excluded In Marital Property?
Many people come to us trying to protect certain assets because they feel they should not be included in the pool of marital property. They do not believe their spouse should receive any of the assets they earned independently, such as from a business they worked hard to make successful, or their pension or deferred compensation or 401(k).
The court does not care which party earned or acquired the property. The classification of an asset as marital or nonmarital property depends on when the property was acquired, or the source of funds used to acquire that property. Unless it meets one of the possible exceptions to be excluded from marital property, such as an inheritance received by one spouse, it will likely be subject to division.
You need to talk to an attorney before you make any final decisions regarding your marital property. These agreements are nearly impossible to revise unless you can demonstrate your spouse fraudulently concealed assets which would have been subject to division, which is a very difficult hurdle to overcome.
Want To Know More About Your Case?
To learn more about your specific options, call our San Diego office at 619-304-8417 or send us an email to arrange a free phone consultation with Mr. Bishop. He can help you understand how the process works, and how it may apply to your situation.