Property division during a divorce can get confusing
When a marriage comes to an end, there are many things a couple has to sort through. One of the main concerns in a divorce revolves around marital property division, which can be rather complex and confusing. In San Francisco and the rest of the state, that means all property owned equally by both parties is divided equally unless that property is a personal gift or an inheritance.
It’s not just about the home
A home is not the only thing included in community property, as it also includes all income either spouse received during the marriage and any goods bought with that money. Vehicles, antiques, fine art and the like, could be included on the list of shared assets. It’s also the same with debts incurred during the marriage. Additionally, if one spouse owns a business, a portion of it might be considered to be community property if there was an increase in the value of the business during the marriage or if contributions to it were made by both spouses.
There can be many complexities involved
If one spouse owns property separate from his or her spouse and that property has been comingled with community property during the marriage, this property might also be thought of as community property in whole or in part. These type of issues can get confusing and can be challenging to understand. Things can become more so when divorcing spouses can’t agree on how to split assets and debts.
A San Francisco family law attorney experienced in property division may be able to help in these situations. Each spouse might do well to seek the independent advice of such as lawyer. Not only can this increase one’s odds of achieving the best possible outcome from his or her divorce, it can provide much needed peace of mind during these challenging times as well.