Full question:
My husband and I have decided to end our marriage due to personal differences. We both are real estate brokers and have substantial assets together. In the event of a divorce, how will we divide our assets?
- Category: Divorce
- Subcategory: Property Settlements
- Date:
- State: California
Answer:
In the state of California, it is usually preferred that the couples themselves come to an agreement as to how their joint assets are to be divided in the event of a divorce. The attorneys of each spouse sit together and usually come with an amicable settlement. They are given the freedom to negotiate the division of assets. Even the court prefer that the spouses come up with an agreement regarding the division of assets.In the event of a preexisting prenuptial agreement, then the agreement come into play once the divorce is filed. Unless the terms of the prenuptial agreement are unacceptable to the family court, the terms of the prenuptial agreement prevail and the other spouse cannot make any claims on the assets excluded by the agreement.
When the spouses do not agree on the division of assets, it is generally the family court that decides the division of the assets. In the case of assets like a house or property owned, it is not necessary that they have to be realized and then divided amongst them. The family court may order a buyout of an asset or resort to offset one asset in whole or in part with another. Also, any property acquired during the marriage in the name of one spouse does not necessarily control whether an asset is a community or separate property. In such case, the division has to be examined by the court wherein the title may become a factor for the dividing the asset.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
