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How is Property Divided in Divorce?

Posted on in Divorce

San Jose, CA divorce lawyer

When a couple is involved in the divorce process, one of the most important issues they have to face is the division of marital property. When emotions are running high, it can be difficult to remember all of the assets that need to be accounted for and addressed, especially for couples with a complicated assortment of financial investments and debts.

Tangible Assets

This can include many items, but among the largest are a couple’s home and automobiles. Often it makes sense that one party will stay in the family residence, and in that case, the other party will generally be due compensation to make up for whatever value and/or equity that may have accrued. If both spouses want the house, that will have to be determined through mediation or a decision by the court if no agreement can be made. Another option is for the house to be sold and the profits split evenly or equitably between the divorcing spouses. As for cars, both parties will likely keep their own vehicles, if they each have one. 

Bank Accounts, Stocks, Bonds, and Other Monies 

Monetary assets are often split down the middle, or they may be divided in a way that takes each party’s income, needs, and other factors into account. One party may be required to give up part or all of his or her retirement funds to their soon-to-be-ex if incomes are disproportionate, or depending on which person is staying in the home. Splitting cash held in checking and savings accounts can also involve complications. In addition, there may be money-related issues that do not immediately come to mind. For example, if the couple loaned money to someone, then both are entitled to those loan repayment funds.

Collections, Furniture, Electronics, and More

If either of the divorcing parties has a valuable collection (rare wines, sports memorabilia, or coins, for example) and money was put into the collection during the marriage, then both parties have a claim to that. Furniture may also carry significant value, along with TVs, computers, and other electronics. All of these must be considered when dividing up marital assets. 

Contact a San Jose, CA Property Division Attorney for Help

Ventresca Law Firm has extensive experience in divorce and property division cases. To ensure your rights to your property are protected, trust a skilled San Jose, CA family law attorney to get everything you deserve as part of your divorce agreement. Call 408-395-8822 to set up a free consultation and to discuss your case with a trusted legal professional.

Source:

https://www.forbes.com/sites/jefflanders/2013/10/16/divorcing-women-dont-forget-these-marital-assets/#49857fbe1195

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