In a divorce the California Family Court may divide your property and debts, including your real property (house), and personal property, and all debts and mortgages. California is a community property state which means you and your spouse are entitled to a share. All property and debts acquired during the marriage are presumed to be community property. The court will decided which property belongs to the community and which is separate, typically assets acquired before marriage, gifts and inheritances. You may determine the outcome of the property division through a divorce settlement, accomplished with or without mediation.
The California Family Court requires that you must create an inventory of all your assets including their values and disclose them to your spouse. Common assets include:
- Real property
- Vehicles
- Household items
- Jewelry
- Safety deposit boxes
- Cash
- Bank Accounts
- Pensions
- IRAs
- Stocks and bonds
- Certificates of deposit
- Life insurance policies
- Tax refunds
- Businesses
- Other property
Spouses tend to disagree on the value and division of assets, racking up attorney’s fees and costs of appraisals in the process. A cheaper option may be to seek mediation and come to an agreement on the division of property.
After the division of property you may need to take steps to transfer deeds to property.
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