Division of Assets and Property
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During your divorce case, you will have to divide your community property and distribute it equitably. Equitably, however, does not necessarily mean that every piece of community property will be split evenly between the two spouses but rather that the entirety of the community assets is divided equally. You can, of course, agree to whatever division if you believe it is fair and just. If you wish to ensure a fair and just distribution of marital assets, while protecting everything you are entitled to, it is crucial that you speak to an experienced attorney.
Moore Law for Children will review your case to determine the best strategy for protecting the assets you are entitled to, and when necessary we work with trusted financial advisors and forensic accountants.
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If you are in the midst of a divorce or have questions or concerns that you will not receive what is rightfully yours as a result of a divorce, the time to speak to our attorneys is now. Clients come to our family law firm because they know they can count on a comprehensive strategy from our skilled and experienced attorneys to claim the property they are owed. Want to learn more about how we can help? Contact Moore Law for Children today for a consultation.
What is Community Property?
Put simply, community property is an asset or debt acquired during the marriage. Separate property, however, is an asset owned before the marriage, obtained during the marriage by gift or inheritance, or an asset acquired during marriage using separate property funds. It is possible for parties to agree to make a separate property asset a community property asset and vice versa. However, this can impact your rights to those assets, which is why it is so important that you discuss the division of property with an experienced attorney.
What Does Community Property Include?
Community Property includes assets such as:
- Bank accounts;
- Pensions and retirement plans
- Stock market and investment accounts;
- Real estate, including commercial;
- Household possessions;
- Pets; and
What is equitable distribution?
As a community property state, the presumption is that you are entitled to 50% of any community asset. This does not, however, mean that possessions are split equally right down the middle. Rather, equitable distribution is a splitting of the various assets in a fair and just way with the end result being the entirety of the community assets are divided equally.