Bank Accounts and Financial Assets

Both joint and individual bank accounts can also qualify for division during a California divorce. 

Some of the most commonly discussed include:

• Checking and savings accounts: These accounts typically hold all funds that the couple earned collectively during the marriage. Regardless of whose name is technically on the account, the most important factor that deems it community property is seeing that both spouses’ checks were entered into these accounts.
• Investment accounts: Stocks, bonds, and any mutual funds that were purchased with marital income are also generally divided equally, as long as they were purchased after the date of marriage.

To ensure a fair split, both spouses should work with their lawyers to fully disclose all financial accounts they own together and separately. If a spouse fails to disclose everything, they could face negative legal repercussions.

Retirement Accounts and Pensions

Another contested financial asset during a divorce is retirement savings. Only funds that were contributed to during the marriage are considered community property. This can include:

• Employer-sponsored retirement plans: Pensions and 401(k)s that have been accumulating during the marriage may be divided based on the length of the marriage and what specific contributions were made.
• Individual retirement accounts (IRAs): If an IRA was opened before the couple was married, everything in the account before the date of marriage may remain with the spouse who contributed those funds. Your attorney can ensure they pinpoint only contributions made during the marriage as funds subject to division.
• Military and government pensions: There can be special rules that apply to federal and military retirement benefits during a divorce. Be sure to bring as much information as you can on these items during your attorney consultation to ensure everything is adequately accounted for.

FAQs

Q: What Should I Look for in a Property Division Lawyer in California?

A: When choosing a property division divorce attorney in Norco, look for someone with extensive experience as a family lawyer in Norco and a strong track record of handling complex asset division cases. Ensure they have excellent negotiation skills and a deep understanding of local laws to maximize your share of marital property. Finally, seek an attorney who communicates clearly and prioritizes your financial interests while remaining approachable and responsive to your needs.

Q: What Happens if My Ex-Spouse Tries to Hide Assets During a Divorce?

A: If your spouse attempts to hide assets to try and avoid fair property division, the court can intervene. Some of the most common attempts are hiding bank accounts, manipulating a business review, undervaluing property, or transferring assets to a friend or family member to go unnoticed. If you suspect any of this is going on, share your suspicion with your lawyer. They can work with other professionals, like a forensic accountant, to uncover what is going on.

Q: Can I Keep My Inheritance During a California Divorce?

A: In general, California recognizes inheritances as separate property. This means they belong to whatever spouse received them. However, this can become more complicated when an inheritance has been commingled with marital assets. For example, if the individual took some of those funds and deposited them into a joint banking account or used them to buy a home, they become community property. To avoid any misunderstandings, keep clear documentation to prove it has not been intermingled.

Q: Are Debts Divided the Same Way as Assets in a California Divorce?

A: Yes, debts that have been accumulated during a marriage are considered community debt in the same way that property is considered community assets subjected to division. In the context of debt, this can include credit cards, student loans, and a mortgage. If you can prove that your ex-spouse generated debt before the marriage began, this can help to prevent that from burdening you during the divorce.

Contact Najera Law Group, APC, Today

If you are ready to divorce in California and are looking to secure quality legal representation, contact our firm today. We have helped countless individuals in Norco divide their assets and debts in a timely and efficient manner.

Our legal team has more than 20 years of experience that extends to thousands of cases handled. In addition, we have supported hundreds of clients through trials. If your case goes to court, we are prepared. We would be proud to extend our experience to you and help you move forward.