Asset Division in Divorce in California
During the marriage or registered domestic partnership assets and debts are often acquired by the parties. Assets and debts that are acquired during the marriage are labeled community property. The Family code calls for an equal division of the community property assets and debts. The parties are free to enter into an amicable agreement that can then be turned into the family court. Once the Judge signs the agreement it becomes the order of the court. The parties can use any debt to offset any assets divided among the parties.
If each party has a community property interest in a pension or retirement plan the parties will need to obtain a statement as of the date of separation. If each retirement account is of the same approximate value each party may keep their own plan. It is not necessary that the parties spend money on a Qualified Domestic Relations order also referred to as a (QDRO) if the parties accumulated interests in their respective plans is about the same. If the community property interest is not equal then the retirement accounts will most likely need to be divided by a separate order called a QDRO.
Each party should make a list of all assets. Once the list is made the parties will need to determine the value of each asset. These assets will be listed on a form called a Schedule of Assets and Debts. The form needs to be signed under penalty of perjury, therefore one should be very careful and honest when completing the form. The form will then be exchanged between the parties. Once the forms are exchanged the parties can review the form FL-142 and if they agree that all community assets and debts have been disclosed the parties can then begin to divide the assets and debts.
Orange County community property attorney video
Consult with an Orange County community property attorney to discuss your asset division
For more on asset division in divorce schedule your free consultation with our experienced Divorce Attorneys in Orange County CA regarding your asset division, please contact the Family Law Offices of Yanez & Associates. Call now, our staff is standing by 24/7. Or if you prefer, use our online contact form located to your right.
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