San Francisco Property Division Attorney
Facing Divorce? Make Sure You Get Treated Fairly.
If you are navigating the divorce process and aren't sure what steps to take to properly protect your rights and assets, Attorney Diana Romanovska is available to review your case. With nearly 20 years of legal insight and a background as a former prosecutor, Attorney Romanovska is deeply familiar with the legal system and is equipped to guide you through this time.
Regardless of whether you and your spouse are working towards dividing your property together or need the court to intervene, it is important that you determine which assets are marital and which are separate, the value for any marital property, and how you would like to divide this property.
What Is Considered Marital Property?
One of the first steps is determining which assets are community (marital) property and which are separate. This is because California is a "community property" state, which means under law, any property, income, or assets obtained during a marriage is owned jointly and must be divided upon a divorce. This excludes gifts or inheritances, so long as they were kept separate and not used to purchase community property (such as a house).
Any of the following may be considered marital property:
- Real estate (homes, apartments, vacation properties, retail fronts)
- Bank accounts
- Security deposits
- Life insurance with cash value
- Personal business
- Pension plans / 401 (k) plans
- Antiques, art, jewelry, other valuables
In California, the assumption is that any property owned by the couple is owned jointly, which means both spouses will have an interest and it must be "split" in value between them if they are to divorce. One spouse must be able to prove otherwise if they believe certain assets fall under the category of "separate."
How Property Is Divided in California
Either the court or spouses (if they can agree) will assign monetary value to each asset or piece of property that falls under the "community" category. Once a value is determined, it must be divided equally between both spouses, whether through actual assets or "buy outs" by one spouse. In many cases, couples have difficulty agreeing over this process. That is why having a San Francisco divorce attorney on your side during this time can be extremely helpful. You can rest assured knowing your interests are safeguarded.
Ready to discuss your property division concerns? Call (415) 347-0584.