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CA divorce lawyerIf you are married and live in California, certain assets and debts belonging to you and your spouse form community property. In a divorce, dividing community property is a principal task.

It is also a task that may seem straightforward, but in reality, there are many things that can complicate the process. Using an attorney, and possibly also a financial professional, is advised to avoid these and other common issues:

  1. Failure to understand community property. States either use a community property regime or an equitable distribution regime. California, as noted, is a community property state. That means that assets acquired during the marriage are typically going to split equally. Other states utilize equitable distribution, which classifies additional assets as marital property but this property does not have to be divided evenly.
  2. Hanging on to the house. Typically, the mortgage for the marital home was secured by using the financial records of both spouses. When one spouse leaves the home and the other stays in it, it often becomes financially impossible for one person to handle all the expenses related to the house. In these cases, the home ends up being sold after a lot of stress and financial sacrifice. It may be that planning on selling the home from the beginning will make the process easier.
  3. Having a simplistic understanding of asset liquidity. If the community contains a stock portfolio, for example, it seems like common sense to divide the portfolio evenly or to attribute the value of the portfolio to the amount on account balance statements. This is a mistake. When dividing certain assets, you should be mindful of the liquidity, taxability, and income and growth potential. Retirement accounts also must be split in a specific, technical manner.
  4. Ignoring debt repayment. Debt such as student loans taken out before the marriage would be separate property not subject to division. It may be possible that payments the other spouse made on this debt can be reclaimed.

Contact a San Jose, CA Property Division Attorney

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San Jose divorce lawyer asset division family owned businessAbout 90 percent of all businesses in the United States are family-owned, and these businesses play a vital role in their surrounding communities and the overall economy. Family businesses can provide their owners with convenience, flexibility, and lower employment costs, while allowing them to work with the most important people in their life.

Unfortunately, the mixture of business and personal life can make or break a relationship. If one or both spouses decide they want out of their marriage, determining how to divide marital assets that include a family-owned business can be a very complex undertaking. While many small businesses are not prepared for their owners’ divorce, a breakup does not have to mean the end of the company.

Where Does a Business Stand During Divorce?

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San Jose property division divorce lawyerThe divorce process can prove to be one of the most financially and emotionally confusing times in a person’s life. The shock that comes with the end of a relationship can bring out the worst level of anger in both parties. Both spouses may have a difficult time figuring out what assets are considered community property and how to divide this property between them. However, the divorce process can be completed more smoothly if spouses work together to determine how their assets should be appropriately divided.

What Is Property?

Property is defined as anything of value that can be bought or sold. A house, cars, clothes, and furniture could be considered property in the State of California. The following could also be considered property and assets:

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Divorce by its very nature can be a painful, unpleasant process for all sides.

One of the greatest causes of conflict during divorce is the question of how to reach a fair, equitable division of marital assets.

As a community property state, California makes this process seem deceptively simple.

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If you believe that your spouse is currently hiding marital assets during your divorce in order to restrict your access to these assets, then you may want to start digging. Your spouse's social networking accounts may be a very good place to start.

Any divorce lawyer would agree-social networking accounts like Facebook, Instagram, Twitter, and others can provide a trove of information about the spouse's financial information. Even if you and your spouse have "unfriended" each other during a pending divorce, you will find that you have many mutual friends.

That means that you will have a steady stream of information from those friends, who continue to be friends with your spouse. People tend to show off on social media. They post pictures of their fancy vacations, new cars, and expensive purchases. Those pictures and posts can be very valuable to you in your divorce case.

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