When getting a divorce, you’ll discover that your rental properties will be subject to division and distribution during this process. If unsure how this process works, the following blog can help you explore your options to divide your property between you and your spouse under California’s community property laws. Keep reading to learn more and discover how a Los Angeles division of assets attorney can help represent you to ensure this process goes as smoothly and fairly as possible.
What Is Community Property?
Generally, any assets acquired during the marriage are deemed marital or community property.
California is one of few states that adhere to community property laws when distributing assets. Essentially, if your divorce case goes in front of a judge, the court will divide anything deemed marital property evenly between the spouses, regardless of how much each party contributed to the marriage.
If you acquired your rental property after you were married, it is deemed community property. If you owned the asset before marriage but comingled it by adding your spouse’s name to the title, it is now considered marital property.
However, if you acquired the property before your marriage and kept it entirely disconnected from your spouse, it would be considered separate property. This is also the case for properties that are inherited or gifted during marriage.
How Will Rental Properties Be Divided?
There are different options for how divorcing spouses can divide their rental properties if they want to avoid going to court to settle how the property will be split.
The first is that both spouses will keep the property and continue to operate it together while splitting the profits. However, this may not work for all couples. For many, working together with an ex-spouse can be uncomfortable or contentious.
Another option to consider is for one spouse to retain full control of the property while the other spouse receives an asset of equal value. Whether this is dividing multiple properties between the spouses to ensure they are all equal, offering a spouse different assets, or buying out the spouse, this is a standard option.
Finally, some divorcing couples choose to sell the property and split the profits from the sale. However, if a spouse has an attachment to the property, this may not be a viable option as they may be against selling.
When you and your spouse are going through a divorce, ensuring you take the necessary steps to protect your best interest is crucial. Regardless of whether or not you are on amicable terms, you should enlist the assistance of an experienced attorney from the Zitser Family Law Group to ensure you are receiving fair terms when dividing your assets. Contact us today to learn how we can assist you during these challenging times.