How Are My Assets Divided During a Divorce?

How Are My Assets Divided During a Divorce?

There are many, many, questions that arise during a dissolution of marriage proceeding. Women who have not worked outside the home or whose job resulted in a smaller salary than their spouse often inquire as to how the property and money obtained during marriage will be divided.

Some fear that they will only receive a portion of the community assets since their monetary contribution during the marriage was not as high as their husband’s. Others worry that because their salary was used to pay the grocery bill, utilities, or for nights out, that their spouse may walk away with most of their assets. Regardless of how a woman earmarked her earnings with her husband during marriage, the application of the Family Code to dissolutions isn’t quite as rigid.

California is a community property state, which means that, subject to a few exceptions, everything acquired and all money earned during marriage is owned equally by both spouses. During a divorce, the general approach is for each spouse to take half of everything accumulated.

That means that a Judge presiding over a family law case will look to divide the parties’ assets as evenly as possible, barring any outstanding debts or reimbursements owed.

For many clients, especially women who have placed home and family above careers with high salaries, this comes as great news. Of course, some spouses firmly believe that since they contributed more financially during marriage, they should receive a larger share of the community assets. Should you find yourself in a dissolution proceeding, you can rest assured that the application of the Family Code will ensure you receive a fair and just division of assets.

The attorneys at Cottle Keen Lopiccolo & Heyde can help you assess your finances and guide you through the issues of support during a dissolution.

Dana M. Heyde is dedicated to making sure each client is fully informed about the legal process and feels comfortable with all the decisions made on their behalf. During her years of practice, Dana M. Heyde represented businesses in civil disputes by using cost efficient and focused methods.

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