Providing Divorce Mediation Services Throughout California
Providing Divorce Mediation Services Throughout California
When you are considering divorce, there’s a lot of questions about who gets what. California is a community property state. The assets and income you received during marriage are jointly shared.
That may be an asset, like a bank account, may be divided equally. But, it could also mean that one party takes a car, and pays the other party 50% of the value.
As long as you and your spouse agree to a division of assets, you do not need to follow California community property rules.
This may result in an unequal split of the assets. Before you agree to an unequal split, understand why you are agreeing to an unequal split and the value of what you are waiving.
However, if you do want to follow the community property rules, you have different ways to divide community property. These also count as a divorce that “splits” assets.
Are you looking for a professional mediator to help you in your out of court divorce? Contact Dina Haddad and schedule a free consultation with her today.
What Asset Splitting Is: When you first get married there is your property and there is your spouse’s. Once you get married unless you get a prenup, those assets are considered joint.
During divorce (depending on how you are doing it) assets will be divided among the two of you.
Why Assets are Divided: It is considered fair since any assets acquired during marriage belong equally to both partners.
What assets remain undivided in divorce: For the most part ‘Separate Property’ – things that belong to spouses pre-marriage or assets that are given as gifts or inheritance.
How are assets split in divorce?
You have two options for asset splits in divorce:
The simple answer is – yes. It’s possible at least.
In California you can get what’s called a summary dissolution. This would be the quickest way to get divorced without sacrificing your assets. But there are conditions that not everyone meets:
If you do meet these requirments you can file the summary dissolution. If you feel you need help to file everything correctly, you can hire an attorney or go down a more cost effective route – hiring a mediator.
Read More: How to Find the Best Mediator| 5 Steps
Not many know the difference between ‘community property’ and everything else.
What Community Property Is: The term ‘community property’ refers to assets and debts that you buy or receive during your marriage.
This is distinct from separate property including assets you own individually before you got married. Some examples of U.S. states with community property laws include California, Texas, Washington, Arizona, Nevada, Idaho, Louisiana, and Wisconsin.
In these states most property obtained during your marriage is considered jointly owned even if only your name is on the title.
In California community property is divided equally between you and your spouse in a divorce. The courts try their best to aim towards making an equitable distribution of the marital assets and liabilities between you.
Again, this may mean the physical asset is divided between you (5 shares to each person of a total of 10 shares) or the value of the asset is divided (the car is worth $10,000.00 so I owe you $5,000.00).
What Separate Property Is: Separate property is the assets you owned before the marriage. Separate property is not subjected to a division when you are in the divorce process.
It may include these or other things, for example:
Here is a list of what categories of assets and liabilities that you might have to divide:
The specific items in these categories would need to be listed and their values. You will provide this information in your divorce using the court’s required property disclosure forms (Schedule of Assets and Debts, FL-142 or Community/Separate Property Statement, FL-160).
When dividing out your assets, be clear as to what you believe is separate property and what is community property. This way your separate property is not divided in the divorce.
Related: How To Check If Prenup Was Filed In California?
The obvious issue with not dividing or splitting the value of the community assets in divorce is that it is an unequal division.
If you are the party receiving an unequal division, you are receiving less than what you are legally entitled to receive.
Does this matter to you? Your reasoning may be personal to you. You may have your own beliefs about marriage and divorce than California. That is okay so long as you understand what you are waiving.
For example, you understand your assets, your cash flow and what you each are receiving and why. If not, when you do not fully understand the implications of your agreement, it’s problematic.
For example, you don’t understand how much you are waiving or what you are waiving?
Sometimes, asset divisions are complicated. You may have stock options in a non-public company. Rather than dividing this asset, given its complication, you agree it should go to your spouse.
At the time of divorce, this may seem like a good idea. It’s easier. It’s faster. But, what happens later should the stock become valuable? Instead, you could choose to each take ½ interest and divide it later should it become valuable.
If you delay the division of your community property, you also take the risk that the value of your assets may diminish.
Additionally, if you have to negotiate your asset division after your divorce, you may have reduced your negotiating power.
Legal professionals often argue the importance of reaching a global settlement for this reason.
In short: while delaying an asset division or reaching an unequal division may speed up the divorce process, you risk waiving interests that you are unsure about.
Make sure that you are well informed before agreeing to an unequal division.
The state of California does allow for divorce mediators to help you with property division without going to court.
Mediation is one of the most effective ways for you to avoid court while also making sure that there is an agreed division, even one that is unequal but fully understood.
A divorce attorney mediator will explain the laws to you and your spouse, then assist you in reaching an agreement that works for both of you.
If you are waiving a legal right, the divorce attorney mediator can help you understand what that might be without giving you legal advice.
Families First Mediation is one of the best mediator services that you can find out there in California. Run by their head divorce attorney-mediator Dina Haddad, she has a mission to provide you with both affordable and high quality services.
At Families First Mediation, Dina Haddad isn’t the only mediator, but there are many others with over 20 years of family law experience who can give you the divorce compensation that you deserve.
Reach out to Dina Haddad or her team today to book a free video consultation and make a step toward making your divorce productive.
Read More: Divorce Mediation 15 Tips & Tricks
Overall, you absolutely can get a divorce without splitting assets – agreeing to an unequal division. However, before you do, know why you are agreeing to an unequal division and the value of what you are waiving. If you don’t want to go to court and you are looking to settle outside, you can go through divorce attorney mediation. Dina Haddad and her team at Families First Mediation would be more than willing to help you, and take on your case so that you can succeed during and after divorce.
Assets that are considered “separate property” and not community property. Property that you got before marriage: this includes things like real estate, vehicles, bank accounts, etc.
It’s not as simple as ‘taking half’ in California. Only community property is divided while your separate property is protected as long as you have the documents stating you owned that property prior to getting married.
It all depends on your situation. Everyone is unique, but there are ways that you can make sure you are protected.
Families First Mediation is a pioneer in the field of divorce mediation. Our entire divorce mediation team takes great pride in being active trainers, divorce mediators and teachers of mediation in the greater California area. If you are considering a collaborative divorce, legal seperation or looking for a san jose divorce lawyer we have services that may be beneficial to you. Take advantage of our vast expertise and background in the field of divorce mediation and our genuine desire to help with your divorce mediation services.
