Division of Property
At the Jarvis, Krieger and Sullivan, we are dedicated to helping individuals through the marital property division process. We structure our advice and guidance in order to help clients see the short term and long term benefits and drawbacks of divorce asset protection and property division.
California is a Community Property State, which means that a couple’s property and assets are divided 50-50 throughout the course of a divorce. Homes, property, and physical possessions are not the only types of assets that are subject to division. Below are just some of the types of monetary assets and accounts that may be divided upon a divorce:
|•||Stocks and bonds|
|•||Patents and copyrights|
The debt that is accumulated by the two parties throughout the course of a marriage is also part of the division process. This eliminates the possibility that the burden of carrying the debt will be placed on one party. We strive to help clients understand this type of marital debt division and how it may factor into other aspects of the property division. Our firm can also explore the possibility that you may not be liable for the debt if it was one that was incurred by the other spouse for that spouse instead of the community.
In a perfect world, you would be able to put full trust in your spouse and the statements he or she makes concerning your joint assets. Unfortunately, divorce situations are usually far from perfect. We often receive calls from worried individuals who are concerned their spouse is hiding something. Our experience tells us our client’s hunches are usually correct.
When finding hidden assets, we may subpoena banks and other financial institutions for records. We may have an accountant review your tax records in an effort to be certain all income is accounted for. If money is missing, we will do all we can to find out where it has gone and see that it becomes a part of your divorce case.
If a spouse fails to disclose an asset or intentionally hides an asset, the asset may be awarded 100% to the other party for breaching their fiduciary duty.