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Taking Control of Property Division in Your California Divorce

Posted on in Property Division

Los Gatos, CA property division lawyerOne of the most challenging aspects of a divorce is the division of property between you and your spouse. Disagreements often arise over who will retain certain assets and debts, and splitting things up may put a strain on both of your finances. However, if you and your spouse are open to cooperation, you can reduce stress over the division of assets and take control by creating an agreement that works for both of you.

How Is Marital Property Divided in a California Divorce?

In California, assets and debts acquired by either spouse during the marriage are almost always considered community property, meaning they are jointly owned by the two of you. In a divorce, the court will ensure that community property is divided roughly equally between the spouses, and because divorce is considered no-fault in California, neither spouse’s behavior leading to the divorce will likely impact the distribution.

If you leave the decisions about property division entirely up to the court, the result will likely be financially equitable, but it may not account for each partner’s specific preferences. If you wish to have more control over the decision, you and your spouse should attempt to reach an agreement cooperatively. A skilled divorce mediation attorney can help guide your negotiations to minimize conflict and ensure that both of your interests are accounted for.

How Can a Cooperative Agreement Help?

Approaching the division of property cooperatively allows for more collaborative, personally tailored solutions. For example, your agreement could make it possible for:

  • One spouse to retain the family home in exchange for making concessions elsewhere.

  • A spouse to maintain a primary interest in a business he or she owns.

  • Each spouse to choose specific properties that have personal or sentimental value.

  • Spouses to divide bank accounts, retirement accounts, and investments equally without losing money due to taxes or early withdrawal penalties.

Once you and your spouse have reached an agreement on all community property with the guidance of your mediator, you should submit your decision for court approval so that it becomes legally binding.

Contact a Los Gatos, California Divorce Lawyer

At Ventresca Law Firm, we focus on cooperative and collaborative divorce resolutions. We offer sound legal guidance as well as trained mediation services that allow you to retain control of your decisions. Contact an experienced Los Gatos divorce mediation attorney today at 408-395-8822 to schedule a free consultation.

Source:

https://www.courts.ca.gov/1039.htm?rdeLocaleAttr=en

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Los Gatos, CA 95030

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