Division Of Assets
Family Law / Division Of Assets
Navigating Division of Assets: A Guide for Divorces and Separating Couples in Bakersfield, Ca
Divorce and separation can be challenging, and dividing assets adds another layer of complexity. This page aims to provide you with a clear and concise overview of the process to help you navigate this stage with understanding.
What is Division of Assets?
Division of assets refers to the process of fairly distributing marital property and debts acquired during the marriage (or registered domestic partnership) upon its dissolution. This includes things like:
Real estate: Homes, vacation properties, etc.
Financial accounts: Savings accounts, investment accounts, retirement plans, etc.
Vehicles: Cars, boats, motorcycles, etc.
Personal property: Furniture, jewelry, art collections, etc.
Debts: Mortgages, car loans, credit card balances, etc.
It's important to understand that not all states follow the same approach to dividing assets. Some states follow community property laws, where all assets and debts acquired during the marriage are considered equally owned by both spouses. Others follow equitable distribution, where the court considers various factors to divide assets and debts fairly, not necessarily equally.
Factors Affecting Division of Assets:
Several factors can influence how assets are divided, including:
Length of the marriage: Longer marriages may lead to a more equal division.
Contributions of each spouse: The court may consider factors like income, inheritances, and contributions to acquiring or maintaining assets.
Separate property: Assets owned by one spouse before the marriage or received through inheritance may be considered separate and not subject to division.
Debts: Debts incurred during the marriage are typically divided equitably.
Child custody arrangements: If the couple has children, the court may consider the needs of the children when dividing assets.
Approaches to dividing assets:
There are several ways to approach dividing assets:
Negotiation: You can work with your spouse to reach an agreement on asset division, possibly with the help of a mediator.
Mediation: A neutral third party facilitates communication and helps both parties reach a mutually agreeable settlement.
Collaborative Divorce: This involves working together with your spouse and their lawyers to reach a fair and amicable solution.
Litigation: If an agreement cannot be reached, the court will hold a hearing, consider various factors, and issue a final judgment on the division of assets.
Additional Resources:
We understand that this information may raise specific questions about your situation. Here are some resources for further guidance:
Your State Bar Association: link to your state bar association website
American Bar Association Family Law Section: https://www.americanbar.org/groups/family_law/
Local Family Law Attorney: search in your local area
