Contact The Divorce Legal Team At Rita Holder Law. The Schedule of Assets and Debts is one of the forms you must exchange with your spouse or domestic partner in your financial declarations of disclosure. This means that you add up the value of all of the property (assets) and then subtract the total amount of debt. Quasi-community property is any type of property that was acquired by either one or both spouses or domestic partners when living in another state that, had it been acquired while living in California, it would have been considered community property. The rest of this section will explain those laws. Keep in mind that when you divide your property and debt, you are looking to come up with a roughly equal “net” share. Property includes real property and/or personal property. During the divorce process, property is divided according to its status as "marital property" -- that which was acquired after the marriage and is thus shared -- or personal property that is not subject to division. These are the most common types of real property divided in a California divorce. If you divide them between you without a court order (or without a judge signing off on your agreement), the debt continues to belong to the 2 of you and you are both responsible for it, even if the 2 of you split it up informally. As a general rule, separate property includes: The property acquired by one spouse before the marriage. To learn more about property division in your divorce, contact Rita Holder Law at 925-401-7885 or by using our online contact form. Under California’s community property laws, assets and debts spouses acquire during marriage belong equally to both of them, and they must divide them equally in a divorce. While California State law does not necessarily require an “in kind,” or physical division of marital assets, the law does require that the net value of the marital assets be split equally. Dividing your property does not necessarily mean a physical division. Saving for retirement takes years of building a strong portfolio for your golden years. Instead, you can see if the accounts have more or less the same amount of money. Mediation may help you solve disagreements about money issues and how to divide your property. Community property also includes all the earnings that either spouse or partner (or both of you) earned during the marriage and everything bought with those earnings. But remember, until a judge signs off on your agreement and issues a final order, your community property and debts still belong to the 2 of you and do not become separate even if you have agreed on how to divide them between yourselves. (Of course, some property acquired during the marriage isn’t community property, such as inheritances or … When you make agreements between yourselves to pay off debt, you need to remember that the people you owe the money to do not have to honor your agreement with your spouse or domestic partner. California is considered a "Community Property" state. California Is a "Community Property" State. A pension plan must be “joined” as a party in your divorce case before a judge will issue an order about how the pension will be divided. In some situations, if you each have a pension, you both may be able to keep your own pension. To avoid these potential problems with dividing debt, consider: Once you have divided your property and debt either through a marital settlement agreement (MSA) or a court judgment specifying who gets what, you may need to follow additional steps if your ex-spouse or domestic partner will not follow your agreement or the court orders. 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