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What are some guidelines for dividing property?

On Behalf of | Nov 20, 2018 | Firm News, Property Division |

Your divorce in California can be made easier by working with your spouse to create your divorce agreement. One area that often is contentious is the division of property. However, when you work together on this, you can avoid having the court step in and make decisions that you may not agree with. This process may not always be easy, but there are guidelines to keep in mind to help it go as smoothly as possible.

According to The Judicial Branch of California, the main guideline is to fairly divide the property. While the amount of property you each receive is not important, the value is. You need to ensure the overall value of property is as equal as possible. You do not have to divide assets so you each get half either. For example, if one of you wants to keep the house, then the other could have property equal to the house.

Keep in mind, though, you also need to divide debt, which may come into play when assessing value. The final valuation of an item is the fair market value minus the debt. Remember to factor this in as you divide assets. Also, do note that creditors do not care that you are no longer together. They still may hold you both responsible for a joint debt, so make note of that as you divide debt.

It helps to begin with a list of all your assets. Make sure to separate out any that are not marital assets. Then, each asset needs a value. This will make it much easier to ensure equal division. Once you have your agreement, understand that the court has the final ruling. This information is for education and is not legal advice.