Getting married is one of the most exciting times in any person's life. That excitement can come to a quick end if the marriage takes a turn in the wrong direction. When this happens, it's likely that the marriage will eventually end in divorce in Fullerton, California. Here's some information about dividing property acquired during a marriage in divorce.
California is a state that follows the community property rule. This ensures that any property acquired during the marriage jointly with the other spouse will be divided equally between each person. Any property brought into the marriage by an individual remains that person's personal property when the couple files for divorce.
This includes debts and assets acquired by the couple during the marriage. It does not include inheritance acquired by one spouse during the marriage. Separate property also includes items purchased with the proceeds from the sale of other separate property, earnings on separate assets and increases in value of separate property. This must be proven by the owner of the separate property using financial records or other legal documents.
Spouses are allowed to divide the community property however they see fit when getting a divorce in California. They can assign property to one spouse or the other, they can sell assets and then divide the profits, they can buy out the other spouse's interest in property and they can come to an agreement to share property even after the divorce is finalized.
Divorce is never an easy topic to discuss, even when you know that there's nothing else you can do for the marriage. Once you decide it is time to get divorced, you should research your rights and find out how property acquired during the marriage will be divided in California.