What Are Considered Assets In California Divorce?Tuesday, December 5th, 2017
Hi, Tim Blankenship here with divorce661.com. In this video we’re talking about what is considered property when going through a divorce in California.
So I get calls and the reason I’m answering this question, I get calls every day where people say Tim, I don’t have any property, and what they’re eluding to is they don’t have any real property like real estate, a home for example. And what the courts are referring to when they say property or property division, we’re talking about all assets and debts.
So we’re talking about bank accounts. We’re talking about 401Ks, vehicles, loans, houses of course, any mortgages. So any asset or any debt. Now you don’t have to get very particular and the silverware and the couches unless you want to. That’s not normally being addressed.
Usually we’re just simply stating that there are miscellaneous furniture to be divided, but if you want to list it you can, but bank accounts, 401Ks, pensions, all of these things you want to address. Now the other thing that comes up is people say well I don’t have anything, we don’t have anything in each other’s name.
In California it’s called community property as far as during the marriage so it doesn’t matter whose name it’s in. So if you have acquired something during the marriage it would be considered an asset or subjected to court division which simply means it doesn’t mean you have to divide it. You don’t have to divide and sell everything it just means it needs to be addressed so each of you can be confirmed as its own separate property. Those community property assets that were acquired during a marriage, and or debts.
Tim Blankenship, divorce661.com. Hope you’re having a great day. Call me with any questions. 661 281 0266. We’ll talk to you soon.