When you file for divorce in California, there are many issues that you must negotiate in the final divorce settlement. One of the most overwhelming may be that of property division and determining who is entitled to what in the settlement. California is a community property state, meaning all marital property and assets are divided equally in half. You must be fully aware of all martial assets, however, in order to ensure you receive everything you are entitled to in the settlement.
There are some items that you may not consider to be marital assets or overlook completely when it comes to dividing property. These include the following items:
- Expensive collections, such as antiques, coins, cars, art and jewelry
- Memberships to exclusive country clubs, golf courses or other clubs
- Travel rewards points
- Lottery winnings and tax refunds
- 401k plans, stock options and term life insurance policies
- Intellectual property, such as trademarks, copyrights, and patent royalties
Any gifts you gave your spouse while married are also considered marital property and may be divided in the settlement. It is also important to consider any money that you or your spouse loaned to a third-party while married. If that money is repaid after the divorce is filed, you are still entitled to half of the funds once they are repaid. By understanding all types of marital property, you can be sure to get everything you deserve when your marriage is terminated.
This information is intended to educate and should not be taken as legal advice.